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Latvian Banks May Charge Non-Resident Deposits Interest

Latvian banks are considering charging interest on non-resident deposits, Dienas Bizness reported, citing Kristaps Zakulis, the head of the country’s bank regulator.

Non-resident deposits made up 48.9 percent of system-wide deposits in December, or about 6.1 billion lati ($11.8 billion), the Riga-based newspaper said. About 80 percent of the non- resident deposits are held on demand at Latvian banks, the newspaper said.

To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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