The amendments establish a framework for the use of automated foreign exchange machines. Taking into account the proposals by businesses and development trends of the sector, the amended Regulation incorporates a possibility to purchase and sell foreign currencies via automated foreign currency purchasing and selling machines. The Regulation defines requirements for the installation of such machines.
The methods of payment for purchasing or selling foreign currencies have also been supplemented. The Regulation in force until now stipulated that a capital company was allowed to accept only payments by cash and payment cards. The amendments to the Regulation provide that a payment may be executed in the form of an instant payment (https://www.bank.lv/par-mums/uzdevumi/maksajumu-sistemas-uzdevumi/zibmaksajumi) and as a credit institution's internal credit transfer.
The Regulation also includes additional provisions for the prevention of money laundering and terrorism financing. The administrative and financial burden of the businesses active in this sector has also been eased.
Latvijas Banka issues permits (licences) for purchasing and selling foreign currencies. At the end of 2017, 39 capital companies licensed by Latvijas Banka engaged in purchasing and selling cash foreign currencies in 70 places across Latvia.
The amount of foreign currencies sold in 2017 totalled 104.6 million euro.
Latvijas Banka, acting in the public and economic interest, carries out several tasks significant for each and every inhabitant, financial markets and the public at large:
– participates in the formulation and implementation of the euro area's monetary policy;
– issues cash in Latvia and participates in ensuring the cash circulation process in the euro area;
– discharges the function of the central national currency authentication centre;
– maintains the interbank payment systems' infrastructure (including the infrastructure for instant payments) and promotes their smooth operation;
– manages the foreign reserves and other financial investments;
– acts as the financial agent of Latvia's government and provides financial services to other market participants;
– compiles and publishes financial, monetary statistics and balance of payments statistics;
– maintains and develops the Credit Register;
– acts as an advisor to the Parliament and Cabinet of Ministers of the Republic of Latvia on monetary policy issues and other issues related to Latvijas Banka's operation.
Latvijas Banka promotes analysis and research of macroeconomic and financial issues, thereby laying a secure foundation for professional activities in these areas. The role of the leading industry expert helps Latvijas Banka raise public awareness of the development of the economy and the monetary system, the current situation and the economic policy being pursued. Latvijas Banka takes an active part in educating the general public on various economic topics.