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Baltic Business
Monitor

WEEK 41st 2003

Friday, the 10th of October, 2003

Chips EC/MC- from the new year
Currently, the Latvian commercial banks have issued 54 thousand VISA chip cards. The issuers are Unibanka, Hansabanka and Pareks banka. The leader of the market is Latvijas Unibanka, which has issued 33 000 chip cards. Altogether Unibanka has issued 304 thousand payment cards of different type. Next year Unibanka will issue Eurocard/Mastercard chip cards as well. Yesterday, in some restaurant in Riga the first purchase was done using the new card. Thus, Latvijas Unibanka has completed the certification and testing process of the cards and is ready to emit EC/MC chip cards. The Vice President of Latvijas Unibana, Ainars Ozols, and the Manager of Public Relations Department, Haralds Burkovskis, informed that the bank´s goal is to offer more than just the traditional bank services of these cards. The bank intends to cooperate with insurance and leasing companies and offer new solutions. Currently there are 8,300 POS terminals in the coutry. 2,500 of them are adapted to reading information from chip cards.
(Biznes & Baltija)

Thursday, the 9th of October, 2003

Latvian IT companies have most rapid growth in the Baltic States
Four Latvian IT companies and IT company from Estonia, MicroLink, are the most rapidly growing IT companies in the Central and Eastern Europe from the Baltic States. Lursoft IT has taken the 12th place, Ankravs - 15th, IT Alise - 27th, and Arcus Elektronika has gained 39th place. Lursoft IT is the only company from the Baltic States, which has been in the list of ALL-stars companies at least for three years.
(Diena)

Wednesday, the 8th of October, 2003

Returns pre-crisis trust for banks
According to the survey of SKDS, this year, there has returned the trust of the inhabitants of Latvia for the commercial banks to the level as it was before the Russian economic crisis in 1998. This year, 46,1 % of the respondents agreed that the commercial banks of Latvia can be trusted. 39,2 % of the inhabitants of Latvia still do not trust the commercial banks, and 15 % of the respondents did not know if the banks could be trusted.
(Diena)

Thursday, the 7th of October, 2003

In Latvia the best deposit interest rates among the Baltic States
According to the data of Central Statistical Bureau, in July of 2003, the average weighted annual interest for long term deposits in national currency were 5,2 % in credit institutions in Latvia. It is an increase by 0.2 percent point since June, and a decrease by 0.2 percentage point since July last year. InJuly, the annual interest rates for long term deposits in national currency in Lithiuania did not change, and were 3,3 %, but in Estonia they decreased by 0.1 percentage points since June, and reachded 2,1 %. The annual interest rates for short term deposits in July were 2,9 % in Latvia , which is by 0.1 percentage point less than in June, whereas in Lithuania the average weighted annual interest rate for short term deposits in national currency was 1,1 % in July.
(BNS)

Monday, the 6th of October, 2003

Latvia partly concedes to neighbouring countries
Latvia has decided to increase the quotas for pork by 57 % for Lithuania, Estonia, and Poland, and to decrease the additional customs tax for imported pigs by half. The representative of the International Trade and Investment Department of the Ministry of Foreign Affairs, Olga Geitus-Eitvina, comments that it is a compromise between these countries and Latvia about the previously accepted pork market ptotection activities.
(Dienas Bizness)
WEEKL

 
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