Kučinskis: maybe we can take ruble payments?

Latvian Prime Minister Maris Kučinskis on December 1 floated the idea that shops in the country might in future be able to accept cash payments in Russian rubles.

Speaking at the Latvian parliament or Saeima in a speech that summarised his government's achievements during 2016, he also uncorked some new ideas designed to stimulate economic growth.

"On the one hand, there are positive statistics showing that Latvia's economic growth is continuing," said Kučinskis.

On the other hand "in the business environment, there are fears expressed about eocnomic stagnation or a new crisis that could affect Latvia," Kučinskis continued.

With Britain set to exit the European Union, Latvia should make it possible for British businesses to open operations in Latvia by filling in forms in English "while sitting in an office in London, Liverpool or any other city where there might be a Latvian playing for the local team. Naturally, in English," he quipped. 

Another idea was to enable Latvian businesses to accept Russian rubles as cash payments.

"Thinking about improving the business environment, why do we outlaw the possibility of paying in other currencies than the euro? I don't see any problems there.

"We know it's no secret that shoppers at the Stockmann department store in Helsinki, paying in cash, can pay in Russian rubles as well... we need to think about such possibilities."

"The main purpose remains the same - in coming years it's necessary to ensure long-term GDP growth at around 4 to 5% per year."

 

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