We are looking for solutions with banks on allowing foreign companies to open up bank account in Latvia - Reirs

  • 2020-09-16
  • LETA/TBT Staff

RIGA - We are looking for solutions with banks on allowing foreign companies to open up bank account in Latvia, Finance Minister Janis Reirs (New Unity) told Latvian Radio on Wednesday.

Earlier, representatives of the Ministry of Economics informed that the decision to transfer operations to Latvia had been made by 12 Belarusian companies. Minister of Economics Janis Vitenbergs (KPV LV) acknowledged that in parallel they are also working with Latvian financial institutions to find a compromise and create a "green corridor" for foreign companies to enter Latvia.

Asked to comment on the possibilities of these companies to open an account with banks in Latvia, Reirs pointed out that many experts currently are pointing out to problems in the actions being taken by banks. 

The minister acknowledged that the state cannot adopt any laws that would determine how banks should behave, so there is currently a dialogue between state authorities and banks to find a solution to ensure that banks actually evaluate every account opening request, rather than simply refusing to open an account.