"This is one of the measures taken to provide the customers of commercial banks with more comprehensive information on the services offered by commercial banks, thus facilitating competition and their possibilities of choosing a service provider offering more advantageous rates," LB said in a release.
The overview of the deposit rates offered by commercial banks is available at Deposit rates offered by credit institutions | Latvijas Banka and is updated on a weekly basis (on the first business day of the week).
The customers and potential customers of commercial banks can find information on the deposit rates offered by commercial banks for time deposits for households, savings accounts for households, and deposit rates for non-financial corporations.
A comparison detailing the deposit rates for households offered by commercial banks operating in all Baltic States is also available.
Latvijas Banka has been pushing for more active lending by commercial banks, as it sees both the need and opportunity for commercial banks, especially the large commercial banks with a dominant position in the market, to contribute more to Latvia's economy.
"The reasons behind the weak lending activity can be found in the combination of many factors, and it is important for everyone to act accordingly in order to improve the situation rather than point the finger of blame at each other. Latvia cannot afford another business cycle without lending support," commented Mārtiņš Kazāks, Governor of Latvijas Banka.
