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Press Release of August 17, 1998

 

 

On July 16, 1998, the Bank of Latvia's Board of Governors approved "Regulation on Compiling Information about Non-Bank External Payments" (in effect as of November 1, 1998). The adoption of this regulation will provide for a wider scope of information, as well as improve and speed up the compilation of the balance of payments.

Pursuant to the regulation, as of November 1998, Latvian residents will have to state the code of an external payment (a payment made between a resident and a non-resident) disclosing its aim if the amount of the payment exceeds LVL 1 000 when translated into lats in accordance with the Bank of Latvia foreign exchange rates as on the date of payment.

"Regulation on Compiling Information about Non-Bank External Payments", which was worked out jointly by the Central Statistical Bureau of Latvia and the Bank of Latvia, is part of the unified system developed in Latvia for the classification of economic information. All public and governmental institutions, undertakings (business ventures), and other legal and natural persons regardless of the form of their ownership and type of business activity are subject to the regulation in cases where they are involved in foreign economic activity or have to report such activity.

"Regulation on Compiling Information about Non-Bank External Payments" was published in the official newspaper Latvijas Vestnesis on August 4, 1998. Publications on statistical information to be submitted by businesses will be obtainable at banks free of charge beginning with October 1998. "The Classification of External Payments" is available in Latvian at the Bank of Latvia's Internet site (http://www.bank.lv).