The Bank of Latvia

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Bank of Latvia

The IMF's Dissemination Standards Bulletin Board (http://dsbb.imf.org) is used to disseminate the release dates for monetary indicators of the Latvian banking system, monetary indicators of the Bank of Latvia and international reserves.

On Quarterly Balance of Payments, International Investment Position and Latvia's external debt data publication date
As of the fourth quarter of 2009, the balance of payments, international investment position and Latvia's external debt data will be published on the 65th day after the reference quarter.

On Changes in Data Used in Compiling the Balance of Payments and the International Investment Position
To improve the quality of the data used in compiling the balance of payments and the international investment position, as well as to achieve a better compliance with the requirements of international organisations (European Central Bank, IMF), starting with the data for the first quarter of 2005 using the "Quarterly Report on Foreign Investment", the information about changes caused by transactions, price changes, changes due to exchange rate fluctuations and other changes is collected in addition to the stock data. For the calculation of reinvested earnings/loss in accordance with international standards (Current Operating Performance Concept), the information about mearchants' operating profit/loss is also compiled. In addition, not only direct investment but also other investment are compiled in the breakdown by country.

On International Investment Position Data at the Beginning of the Reporting Year
As of 2005, the other sector data of the international investment position for the beginning of the reporting year are updated on an annual basis.

On Changes in the Compilation and Publishing of the Analytical Accounts of the Banking Sector
As of January 2005, the analytical accounts of the banking sector will be compiled in accordance with the ECB methodology. The procedure for publishing these data will change: in the Bank of Latvia's quarterly "Monetary Review", starting with the data for Quarter 3, 2004, and in the monthly Monetary Bulletin, starting with the data for January, 2005.

Pegging the Lats to the Euro
According to the plan for Latvia's preparation to become a full-fledged member of the Economic and Monetary Union (EMU), the Bank of Latvia changed the peg of the lats from the SDR currency basket to the euro on January 1, 2005. (More information is available on the Bank of Latvia's Internet website)

On Changes in the Compilation of Balance of Payments and International Investment Position Data
To record the data on foreign direct investment in equity capital in Latvia as close as possible to the market value in the balance of payments and international investment position, beginning with the data for Quarter 1, 2004, information on listed enterprises, provided by the Riga Stock Exchange, shall be used, whereas data derived by applying the equity capital approach (own funds at book value), recommended by the European Central Bank, shall be used for unlisted enterprises.

On Changes in Publication of Interest Rate Statistics
Starting with the data for January 2004, the procedure for publishing interest rates on credits to and deposits from domestic enterprises and private persons will be changed. Henceforth, interest rates on short-term credits will include also variable interest rates. Simultaneously, interest rates charged by banks on transactions in foreign currencies of domestic enterprises and private persons will be published instead of interest rates on transactions in currencies of the OECD countries.

Summary of Key Monetary Indicators
To facilitate work with key monetary indicators, they are now available also in MS Excel format.

New Procedures for Publishing Credit Institutions' Consolidated Balance Sheet Data
Starting with the data for Quarter 1, 2001 the procedure for publishing data on the consolidated balance sheet of credit institutions in the Bank of Latvia's publication "Monetary Review" will be changed. "Managed assets" will be excluded from the items "Foreign assets" and "Unclassified assets" and so will "Managed liabilities" from the items "Foreign liabilities " and "Unclassified liabilities". These will be reported off balance sheet under memo items. As a result, the amount of credit institutions' assets and liabilities, as well as net foreign assets, net other assets and net domestic assets of banking system will also change.

On Changes in Money Supply Calculations
As of January 2001, time deposits with the Bank of Latvia will not be included in the narrow money supply (MO) calculations.

New Data Template for International Reserves / Foreign Currency Liquidity
Starting with the data for the period ending April 2000, the Bank of Latvia publishes an enhanced data template for International Reserves, "International Reserves /Foreign Currency Liquidity" in compliance with the requirement of the IMF's SDDS.

New Procedures for Publishing Data on Foreign Liabilities of the Banking Sector
Starting with the data for the period ending in March 2000, the procedures for publishing data on foreign liabilities of the banking sector in the Bank of Latvia's publication "Monetary Review" will be changed. Equity attracted by the Latvian banking sector from non-residents will be reported under the item "Equity" instead of "Foreign Liabilities". As a result, the amount of net foreign assets, net other assets, net domestic assets and foreign liabilities of credit institutions will also change (the revised data will be published in tables 1.b and 5.b for the period starting in January 2000).

Increase in International Reserves
Latvian Government has placed its non-disbursed funds received as a result of foreign borrowing in deposits with the Bank of Latvia. To deploy these funds, the Bank of Latvia has acquired highly liquid financial instruments denominated in foreign currencies. Since the Bank of Latvia exercises direct and effective control over these readily available external assets held by the Bank, the respective assets are included in the international reserves as of May 31, 2000.