Analytics, Baltic States – CIS, EU – Baltic States, Financial Services, Investments, Latvia

He said that while the Eastern and Western economies are going through a period of downturn, Latvia's economy is still one of the fastest growing in the eurozone. The euro has made Latvia's credit ratings to go up, thus the country can now save up to EUR 70-80 million a year. This means extra money in the budget that can be spent domestically, Rimsevics stressed.

Commenting on investments in Latvia, Rimsevics said that there is no reason to complain. "There have been investments, perhaps not as large as we expected, however, we must take into account the global economic situation. We must take into consideration that the situation does not look very bright, which is why people choose to wait it out," Rimsevics said. He explained that the investment flow is hindered by two factors - the alarming situation in the region and world, and the uncertainty in regard to future development of Latvia's economy.

If Latvia still had its national currency during the geopolitical crisis, uncertainty and obscurity would have left a much larger pressure on the lat, said Rimsevics. "It is possible that fluctuations within the currency exchange corridor would have been rather serious. People would have started spreading rumors about Latvia's economy being hurt, advising against investing in Latvia. There are no grounds for such rumors now, people cannot be fooled anymore," Rimsevics said.