HALISTER1: Latvia’s Non-Resident Banks Face Challenging Times, IMF Says

Latvia’s Non-Resident Banks Face Challenging Times, IMF Says

(Bloomberg) -- “Banks servicing foreign clients face a changing landscape, with pressures on correspondent banking relationships, dwindling business, and a continued reduction of deposits,” International Monetary Fund says in statement following visit to Latvia.
  • Industry’s additional buffers and separation from rest of financial sector limit risks
  • Further actions to boost anti-money laundering rules and enforcement would be “helpful”
  • IMF raised forecast for Latvian 2017 GDP growth to 3.3% from 3%
  • Ex-Soviet Cash Drain Deepens as Baltic Bank Rules Tighten
To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net To contact the editors responsible for this story: Balazs Penz at bpenz@bloomberg.net Andrew Langley, Michael Winfrey

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Source: BFW (Bloomberg First Word)

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