The Latvian state will have to borrow at least EUR 3bn annually for the next four years, Kaspars Abolins, head of the State Treasury, announced, LETA reports. He said that the state needed to refinance earlier Eurobonds and finance the state budget deficit and loans to local governments. The plan was to raise the money…
The Latvian government plans to restrict the ability of Russian citizens to buy land in Latvia, LETA reports. The ruling three-party coalition has agreed on the plan conceptually, following a proposal from the Ministry of Agriculture. The government will analyse the example of similar draft legislation in Finland. Latvian Foreign Minister Baiba Braze has discussed…
The Russian unmanned aerial vehicle (UAV) that crashed in Latvia’s eastern Rezekne municipality was an Iranian-designed Shahed drone carrying 90 kg of explosives, the Latvian National Armed Forces (NBS) announced, LETA reports. The drone’s warhead did not detonate in the crash. NBS deactivated the drone and is now inspecting its components. Janis Garisons, former state…
A Russian military drone crashed in Latvia’s Rezekne municipality on 7 September 2024, the Ministry of Defence announced, LETA reports. The unmanned aerial vehicle flew from neighbouring Belarus. The Latvian National Armed Forces (NBS) detected the arrival of the drone into Latvian airspace, monitored its movement, and determined the location of its fall. Initial information…
Lending in Latvia remains slow, with high interest rates compared to the Eurozone, particularly in the housing and corporate sectors, according to the Bank of Latvia, LETA reports. While home loan interest rates have decreased slightly since 2018, they are still two percentage points higher than the Eurozone average, partly due to the dominance of…
The Latvian government plans to raise the country’s minimum wage in 2025, Finance Minister Arvils Aseradens announced, LETA reports. Under the minimum wage algorithm, the monthly minimum wage will rise to EUR 740 in 2025, EUR 780 in 2026, EUR 820 in 2027, and EUR 860 in 2028. Currently, the minimum wage stands at EUR…
The Latvian government should seek to reduce the costs of the Rail Baltica railway project, the European Commission’s Executive Vice-President Valdis Dombrovskis stated, LETA reports. Speaking in an interview with Latvijas Radio, Dombrovskis pointed out that not everything could be financed with EU funds. He said that part of the project should be financed from…
Latvia’s Ministry of Transport has proposed that passengers travelling on the Rail Baltica railway will have to change trains to transfer from Riga Central Station to Riga International Airport, LETA reports. Under the plan, Riga Central Station would be connected to the airport via a standard-gauge (1,520 mm) railway line. The ministry argued that building…
The Latvian government will have to relinquish its controlling stake in the national air carrier, airBaltic, “sooner or later,” Prime Minister Evika Silina said, LETA reports. The government wants airBaltic to operate more on market principles, she stated. If airBaltic’s planned IPO fails, the government will make a “separate decision” on the company’s future, Silina…