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Europe > Latvia, Republic of

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Cover IMF Staff Country Reports
Russian Federation: Financial Sector Assessment Program: Detailed Assessment of Observance Basel Core Principles for Effective Banking Supervision (BCP)
International Monetary Fund. European Dept.
This paper evaluates observance of the Basel Core Principles for Effective Banking Supervision in the Russian Federation. The legal framework currently in place provides the Central Bank of Russia (CBR) with necessary powers and responsibilities. The CBR may authorize banks, conduct ongoing supervision, oversee compliance with laws, and undertake corrective action to address safety and soundness. Major new reforms increase many aspects of the CBR’s duties and powers, although implementation has not yet been tested in all cases. The Russian licensing regime for banks appears exhaustive. However, the legal regime for major acquisitions was found to be weak.
Keywords:
ISCR; CR; credit institution; risk management; bank group; business strategy; internal audit; risk profile; Correspondent banking; Credit; Internal controls; Bank legislation; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover IMF Staff Country Reports
The Republic of Latvia: Financial System Stability Assessment, including Reports on Observance of Standards and Codes on the following topics: Banking Supervision; Payment Systems; Securities Regulation; Insurance Regulation; Corporate Governance; and Monetary and Financial Policy Transparency
International Monetary Fund
This paper presents key findings of Latvia’s Financial System Stability Assessment, including Reports on Observance of Standards and Codes on Banking Supervision; Payment Systems; Securities Regulation; Insurance Regulation; Corporate Governance; and Monetary and Financial Policy Transparency. The assessment reveals that the banking system of Latvia is well capitalized, profitable, and liquid following its recovery from the effects of the Russian crisis in 1998. A notable feature of the financial system is the significant share of nonresident deposits and foreign equity in the banking system and nonresident investment in the securities market.
Keywords:
ISCR; CR; central bank; monetary policy; joint stock; exchange rate; foreign exchange; investment funds; capital market; banking system; liquidity ratio; Payment systems; Insurance companies; Securities markets; Credit; Baltics
Cover IMF Staff Country Reports
Republic of Latvia: Request for Stand-By Arrangement
International Monetary Fund
Latvia's economy has emerged from the recession triggered by the Russian crisis. Executive Directors commended the strong economic growth and low inflation. They appreciated the open and liberal trade system and the soundness of the banking system. They emphasized the need to maintain fiscal and monetary policies, and accelerate structural reforms. They urged the authorities to implement reforms to improve private sector development, increase foreign direct investment, enhance governance, and also to privatize state-owned enterprises, and approved a Stand-By Arrangement for the country.
Keywords:
ISCR; CR; deficit; deficit ceiling; stand-by credit; stand-by; staff appraisal; program document; government of Latvia; Current account deficits; Commercial banks; Central and Eastern Europe; Baltics