As an Eurosystem participant, The Bank of Latvia shares the primary objective of maintaining price stability with the central banks of other euro area countries and the European Central Bank (ECB).
As a Eurosystem participant, The Bank of Latvia shares the primary objective of maintaining price stability with the central banks of other euro area countries and the European Central Bank (ECB).
The Financial and Capital Markets Commission (FCMC) regulates and oversees the activities of all participants (investors, credit institutions, insurers, stock exchanges, depositories, brokers, etc.) in the financial and capital markets.
Commercial Banks in Latvia
At the end of 2020, there were 14 banks in Latvia and 6 branches of foreign banks. The Association of Latvian Commercial Banks exists to contribute to strengthening and developing Latvia’s banking system – developing legislation and representing the collective interests of banks. The rate of increase of assets per year is 13%.
The insurance sector
At the end of 2020, there were a total of 6 insurance companies operating in Latvia (two life insurance companies and four non-life insurance companies) as well as 12 branches of foreign insurance companies. An application for a licence to provide insurance services must be filed with the FCMC. Decisions to approve or reject applications are made within six months of the filing date.
Nasdaq Riga and the Latvian Central Depository are the leading securities market operators in Latvia. These institutions provide market participants with an environment for dealing in securities, clearing and settling securities transactions, and listing securities, as well as for the operation of the central register of public securities and the register of state-funded pension funds.