On the financial performance of Latvijas Banka in 2018

  • 2019-03-20
  • TBT Staff

RIGA - The Board of Latvijas Banka has approved Latvijas Banka's financial statements for 2018; according to the above, Latvijas Banka's profit earned in 2018 was 14.6 million euro.

Pursuant to the Law on Latvijas Banka, Latvijas Banka's annual financial statements are audited by independent external auditors recommended by the Governing Council of the European Central Bank and approved by the Council of the European Union. Latvijas Banka has received a positive auditors' opinion on its financial statements for 2018 from the auditing company "KPMG Baltics SIA".

Pursuant to the Law on Latvijas Banka, 70% or 10.2 million euro of Latvijas Banka's profit for 2018 will be appropriated to the central government budget; the rest of the profit will be transferred to the reserve capital of Latvijas Banka. Over the past five years, the aggregate profit of Latvijas Banka reached 117.0 million euro, including its contribution to the central government budget totalling 76.8 million euro.

In 2018, Latvijas Banka continued successful implementation of several significant projects, and in the last months of the year, already over 90% of the customers of Latvian credit institutions had access to instant interbank payments 24/7, including weekends and holidays.

For more details, see https://www.bank.lv/en/your-profile/media/press-releases/11651-latvia-euro-area-leader-in-the-field-of-modern-payment-services

On 1 August 2018, Latvia joined the Special Data Dissemination Standard Plus (SDIS+) of the International Monetary Fund (IMF) and became the 17th country in the world implementing the initiative of the highest level IMF data dissemination standard. Latvijas Banka coordinates the implementation of SDIS+ standard in Latvia, thus ensuring the provision of uniform and user-friendly information on the most important categories of the country's economy and financial statistical data as well as on competent authorities.

For additional information, see https://www.bank.lv/en/your-profile/media/press-releases/11475-latvia-adheres-to-the-highest-tier-in-the-international-monetary-fund-s-data-dissemination-standards-initiatives

In 2018, the role of Latvijas Banka as the Baltic Regional Cash Processing Centre was strengthened, the operation of the Credit Register was improved and other significant measures were implemented.