The Bank of Latvia » For All » Payment and Settlement Systems » Oversight of the Payment System in Latvia
Oversight. Introduction
In compliance with Article 9 of the Law "On the Bank of Latvia" the Bank of Latvia promotes a smooth operation of the payment systems in Latvia. To this end, the Bank of Latvia performs oversight of payment system, through maintaining and developing the interbank payment systems, issuing the relevant regulations and overseeing the development of payment instruments and systems in the country.
Oversight is carried out with the purpose to control and minimize potential risks inherent in payment systems.
On the 13th September 2001 the Council of the Bank of Latvia approved "Bank of Latvia's Payment Systems Policy" (Resolution No. 89/10) and "Recommendations for Transactions Effected by Means of Electronic Payment Instruments" (Resolution No. 89/9). There is also published a report on oversight of payment systems in Latvia, which includes approved the Bank of Latvia's payment systems policy.
In December 2004, a regular publication "Oversight of the Payment System in Latvia" informing on the progress in the field of payment system oversight was published.
On the 14th November 2002 the Council of the Bank of Latvia approved "Regulation for Issuance and Maintenance of Electronic Money" (Resolution No. 98/6).
Bank of Latvia publishes the Payment Systems' Statistics on its web page on a regular basis: the Bank of Latvia interbank payment system statistics - at the beginning of every month, Latvia's payment statistics - semi-annually.
The development analysis of the interbank payment suystems and payment instruments used in Latvia is published in the Bank of Latvia's Monetary Review on an annual basis.
