Latvia Wants Clampdown on Banks to Reopen U.S. Dollar System
- Local lenders have been locked out of dollars transactions
- Access is key for Baltic nation’s investment and trade
This article is for subscribers only.
Latvia’s prime minister says his nation is cracking down on shady dealings in the financial sector to help local banks regain access to directly transact in dollars.
Doing so is vital for boosting trade and investment, according to Prime Minister Maris Kucinskis, whose government has sought to tighten banking supervision after the demise of the Baltic nation’s No. 3 lender amid U.S. money-laundering accusations. International banks such as JPMorgan Chase and Co. and Deutsche Bank AG have shut off access to correspondent accounts handling dollar transfers.