Reval Hotels
Pietari Express
 Observer Latvija SIA

WEEK 10.2006

Friday, the 10th of March, 2006

Private persons to pay millions
According to opinion polls, the introduction of euro would cost to Latvia EUR 114 million or more. The traders will have to change their pricelists, the banks will have to re-program their ATMs and change all the agreements etc. Businessmen working in trade, transport and communications sectors will have more problems than others. At present they have a vague idea about the process of introduction of euro.

Thursday, the 9th of March, 2006

Still the lowest salaries in the Baltic States
In the last quarter of 2005 the salary in Latvia was the lowest in the Baltic States. According to the Central Statistical Bureau, the average gross salary in Latvia was EUR 382 per month. In Lithuania this index was EUR 421 per month, and in Estonia the salary was the highest, EUR 555.

Wednesday, the 8th of March, 2006

Petrol hinders inflation
Experts forecast that taking into consideration petrol price-waves, in February 2006 the inflation level will be lower than in previous months. It could be 7.1%, while in January it was 7.5%. Specialists believe that food prices will grow, but clothes will become cheaper. The petrol’s price will decrease too. In February it was by 2.5% cheaper than in January of the current year.

Tuesday, the 7th of March, 2006

US Government: Latvia activates combating money laundering
The annual US governmental report on money laundering stressed that Latvia should continue combating the legalization of illegally received finances. It was also noted that in 2005 Latvia made important steps for strengthening the financial sector and working in line with international standards in this regard. For example, the amendments to the law ‘On Preventing the Legalization of Illegally Received Finances’ and to Criminal Law were accepted.

Monday, the 6th of March, 2006
The Economics Police begins checking a possible pyramid scheme fraud
A dubious American company European Prosperity Club Corporation is working in Latvia, offering up to 40 per cent profit for its investors. Most likely, it is a pyramid scheme. The Economics Police is checking the work of the company. Financial and Capital Market Commission says that EPCC is not licensed in Latvia and has no right to offer its services. FCMC suggests that people should stay away from the company. It has not yet received any complains about fraud, but there is information that it might have happened. If investigation reveals any criminal facts, legal action will follow.

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