Foreword
In 2023, Latvijas Banka has achieved success both domestically and internationally. The foundation has been laid for a new cycle of economic growth. The decisive monetary policy action taken by the Governing Council of the European Central Bank – specifically, the swift increase in interest rates – helped to curb inflation across the euro area. The inflation dragon has been tamed, paving the way for gradual interest rate cuts already in the near future. Low inflation coupled with reduced interest rates will foster economic growth and improve the welfare of the Latvian population.
Latvijas Banka in 2023
Inflation has been tamed
In the euro area, it has been reduced from 8.6% at the beginning of the year to 2.6% at the end of the year
More efficient Latvijas Banka
The FCMC has been successfully integrated, creating a more powerful institution
730 million euro
Capital and reserves have increased by 24%
58 million euro
Latvian state budget has been supplemented
+42% instant payments
The preparation stage of the digital euro project has been commenced
+12% of processed banknotes
One of the lowest counterfeit rates in Europe
Security of the financial sector
Requirements for providing critical financial services have been developed
Priority for 2024
Welcoming financial sector for honest customers
