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Latvian Market Review

In 2010, Latvia’s economic growth exceeded the most optimistic forecasts. The ability of the Latvian businesses to cut their expenses and faster-than-expected recovery in foreign markets encouraged growth of exports and promoted industry as the main driving force of the Latvian economy. The domestic market has started to gradually recover as well. Consequently, in the 3rd quarter of 2010, the GDP growth was observed also in year-on-year terms — for the first time after a decline lasting more than two years.

There is a high demand for credit resources outside the banks’ traditional field of activity, e. g. in the sector of new businesses. As the economy gains strength, the banks are lending more actively.

On 12 October 2011, the Bank of Latvia hosted its annual conference on economic development. This year it was titled Global Challenges and Local Opportunities: Achievements and Prospects in the Baltic States.

The part I Economic developments in Europe and their implications for the Baltic States: academic and policy perspective was dedicated to the analysis of the introduction of the euro — the recently implemented changeover to the single EU currency in Estonia and the prospective changeover in Latvia.

The part II Latvia's exports: potential, challenges and future prospects included presentations by representatives of a company, an industrial association, a bank and a public institution promoting exports which allowed us to judge about the long-term sustainability of the pronounced export growth achieved to date.

Currently, there are 26 active credit institutions in Latvia.

As of 1 January, Latvia uses the euro as its sole legal tender.

Introduction of the euro
Completing the period of parallel circulation of lats and euro, i. e. the first two weeks of the year, the changeover to the euro in cash and in payment systems has taken place smoothly and without interruptions or other incidents.

As of 15 January, the euro is the only official tender in Latvia, yet the exchange of cash lats is continuing and is taking place as planned and stated:

in 302 post offices, mostly in the countryside — until the end of March,
in commercial banks — until the end of June,
at cash offices of the Bank of Latvia in Liepāja, Daugavpils, and Riga — for unlimited time.
The TNS survey data indicate that the overall level of information regarding the appearance of the banknotes was high even shortly before the changeover and probably has increased since, yet it will have to be improved even further: with the help of the media, the Bank of Latvia continued to educate people about the safety features of the new currency throughout January and February — first of all, by showing infomercials in all major TV channels.

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