International Internet Magazine. Baltic States news & analytics
Friday, 22.05.2015, 17:34
The Estonian Krediidipank informed that the group's profit in the first quarter of this year amounted to nearly 720,000 euros while in the first quarter last year, the banking group had a loss of nearly 90,000 euros, reports LETA.
Keyword tags: Banks, Estonia, Financial Services, Loan
The Tallinn city government decided to submit to the city council the first supplementary budget of 2015, which increases the city budget volume by nearly 34.5 euros million and allocates 5 million euros more to create the city's cooperative bank, Eesti Ühistupank, LETA/Public Broadcasting reports.
The surplus on the balances of services and secondary income (EUR 172.4 million and EUR 57.8 million) in Lithuania did not offset the deficit on the balances of foreign trade and primary income (EUR 218.8 million and EUR 109.3 million), which led to the build-up of a EUR 97.8 million current account balance (CAB) deficit in Lithuania's balance of payments, reports LETA/ELTA.
The European Bank for Reconstruction and Development (EBRD) promised on May 15th 2015 more funds for ex-Soviet countries, the Baltics, Central Europe, and Greece, but ruled out new investments in Russia due to Western economic sanctions over Ukraine, reports LETA/AFP.
The Bank of Latvia's net external reserves at the end of April 2015 was EUR 5.054 billion, reports LETA, according to information published on the Central Bank's website.
Geopolitical tensions overshadow concerns of financial institutions about low interest rate risk in Lithuania
Financial institutions operating in Lithuania consider the risk arising from the prolonged period of low interest rates as increasingly significant, although, with the persisting geopolitical tensions, the risk related to a likely exacerbation of Russia's and Ukraine's conflict and related consequences has been assessed as the major one, shows the survey conducted by the Bank of Lithuania, cites LETA/ELTA.
Finance Minister Janis Reirs is urging the European Bank for Reconstruction and Development to invest more in the Baltic countries and Central Europe, LETA learned from the Finance Ministry.