During the meeting, the President of Latvia emphasised that the financial sector of Latvia, including commercial banks, should follow these trends to promote trust in the industry and to ensure the development of Latvia as an international financial centre.
The President of Latvia appreciated the progress made so far in improving the competitiveness of the banking sector simultaneously with the accession of Latvia to the OECD. At the same time, he emphasised that the task in hand should be continued and that international standards should be introduced in the sector in a close dialogue with the supervisory body of the financial sector. “The sectoral readiness to change will determine the future development of the financial sector in Latvia by setting and reaching the strategic objectives appropriate for variable market conditions,” said Raimonds Vējonis.
At the same time, the President of Latvia pointed out that the stable and secure financial sector was the matter of the international reputation and security of the country that enhanced the trust of the partner countries and international investors in Latvia and promoted a faster growth of national economy.
“The banking sector of Latvia plays a vital role in our domestic economy because the direct contribution of banks to GDP is 2.44%, the banks pay taxes to the state budget of more than 140 million euros, and the banks create 22 thousand jobs directly and indirectly in Latvia. We are a well-capitalized and sound financial sector that provides a broad range of modern services for both domestic and foreign customers. Nevertheless, the industry faces significant challenges at the same time. The changes in statutory and compliance requirements, economic and political fluctuations, technological changes, and the changes in consumption structure – the banks must trim the sails to the wind. Moreover, comprehension of top government officials and competent institutions of those issues is substantial,” emphasised Guntis Beļavskis, the Chairperson of the Council of the Association of Latvian Commercial Banks, during the meeting.
The President of Latvia welcomed the vision presented by the management of the banking sector, and both parties agreed to meet regularly to assess the progress made in the process of sectoral changes.
