Three candidates have been nominated for the position of the president of the Bank of Latvia – “Progressives” together with “Jauno vietībė” (JV) have nominated the current president Mārtis Kazākas, the Union of Greens and Farmers (ZZS) has nominated Bērziņa, and the ”Stability” party has nominated Pavel Kuzmin, describing him as an experienced financier.
Bērziņa has also been nominated by individual members of the Saeima from the National Union (NA) and the “United List” (AS).
there are 16 MPs in the ZZS faction of the Saeima, as well as faction support MP Olegs Burovs (GKR), which means that Bērziņas has at least 17 votes.
Unofficially, it has been said that Berzins will also be supported by AS and NA, which means that Berzins could get 43 votes.
LETA agency also knows that Kazaks will not be supported by ”Latvija first”, whose leader Ainārs Šleser’s family business manager is Bērziņa’s spouse Jūlija Bērziņa.
In the Saeima, the JV faction has 25 MPs, and MP Igors Rajevs could also support the faction, which together with the nine votes of “Progressivo” makes up 35 votes for Kazak.
kazaks has confirmed that he would be ready to lead the Bank of Latvia in the future, but the politicians have so far taken the position of not talking about the selection of the head of the bank, under the pretext that they have to deal with the adoption of next year’s state budget first. on the part of politicians, there is no loud criticism of Kazak’s work, but there is no unequivocal support either.
ZZS has nominated the chairman of the board of “Altum” Bērziņa for the post of president of the Bank of Latvia, as it believes that under his leadership, the Bank of Latvia will be able to channel the potential of the banking sector for the benefit of the country’s economic growth, as well as defend national interests in Latvia and internationally.
The Law “On the Bank of Latvia” stipulates that the president of the bank is elected by the Saeima on the proposal of no less than ten Saeima deputies. The term of office of the president of the bank is five years, and the same person can hold this position for no more than two consecutive terms.
The vote in the Saeima will take place on December 19.
How can businesses prepare for potential changes in banking regulations following the presidential election of the Bank of Latvia?
Interview: The Future of the Bank of Latvia – Insights from financial Expert Dr. Andris Lācis
Time.news Editor: Today, we’re speaking with Dr. Andris Lācis,a renowned economist and financial expert,to discuss the recent nominations for the presidency of the Bank of Latvia. Three candidates have been put forward: the incumbent Mārtis Kazākas, Bērziņa from the Union of Greens and Farmers (ZZS), and Pavel Kuzmin from the “Stability” party. Dr. Lācis, can you provide some context on these nominations and what they mean for the future of Latvia’s financial landscape?
Dr. Andris Lācis: Thank you for having me. The nominations for the presidency of the Bank of Latvia are quite significant as the person in this role will influence monetary policy, financial stability, and economic growth in Latvia.Each candidate brings a unique perspective. Mārtis Kazākas, the current president, is familiar with the internal workings of the bank, but there’s been some uncertainty about his overall support.
Time.news Editor: Yes, it appears that Kazākas has the backing of the “Progressives” and “Jauno vietībė” (JV), amounting to around 35 votes if we include potential support from MP Igors Rajevs. How might his re-election affect the continuity of policy at the Bank of Latvia?
Dr. Andris Lācis: If Kazākas is re-elected, we can expect stability in the existing policies. Though, the lack of enthusiastic support from parties like “Latvija first” raises concerns about his broader acceptance. The focus will likely remain on fiscal issues, notably the upcoming state budget, which might limit any drastic changes in monetary policy.
Time.news Editor: Bērziņa, nominated by ZZS, also has potential backing from additional factions. What distinct approach may he bring if he takes the helm of the Bank of latvia?
Dr. Andris Lācis: Bērziņa is positioned as an experienced financier and has a vision to leverage the banking sector’s potential for Latvia’s economic growth. his leadership could revitalize efforts to defend national interests both locally and internationally,which is crucial,especially in the context of an increasingly globalized financial landscape.
Time.news Editor: The voting will take place on December 19. Given that the president of the Bank of Latvia serves a five-year term, what should stakeholders be considering in the lead-up to this decision?
Dr.andris Lācis: Stakeholders,including businesses and investors,should closely monitor the dynamics among the factions in the Saeima. With multiple parties involved,understanding who aligns with whom will be vital for forecasting the future direction of financial policies. Moreover, the next president’s approach could significantly affect business confidence and investment in Latvia.
time.news Editor: speaking of investment, what practical advice woudl you give to businesses as they assess these transitions within the Bank of Latvia?
Dr.Andris Lācis: Businesses should stay adaptable and engaged in discussions about monetary policy. If Bērziņa is elected, it might be beneficial for businesses to reassess their strategies considering potential shifts in banking regulations and economic initiatives. Keeping an eye on the Saeima’s decisions and maintaining open lines of interaction with financial advisors can also provide valuable insights during this transition.
Time.news Editor: Thank you, Dr. Lācis, for sharing your insights on this pivotal moment for the Bank of Latvia and the broader economic implications.
Dr. Andris Lācis: My pleasure, and I encourage everyone to stay informed as we approach the vote. the impact of this decision will resonate beyond the immediate term and shape the economic landscape of Latvia for years to come.