Mārtiņš Kazāks

Foreword

In 2023, Latvijas Banka thrived both domestically and internationally, achieving notable success in both spheres. The foundation has been laid for a new cycle of economic growth. Decisive decisions taken by the Governing Council of the European Central Bank regarding monetary policy – swiftly raising interest rates – helped significantly curb the inflationary trajectory 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 enhance the welfare of Latvia's population.

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Latvijas Banka in 2023

Operational areas