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Implementation of the reforms vital for Latvia's development and necessary for the monetary policy to yield full positive effects was also discussed during the meeting with Ilmars Rimsevics, Governor of the Bank of Latvia, and other high-ranking officials of the central bank.

Reforms in the tax system, health care, education, improvement of business environment are needed to stimulate growth of the national economy and to increase Latvia's competitiveness, and the central bank actively contributes to development of analysis-based proposals to this end, the Bank of Latvia representatives said.

The Latvian president was informed about the Bank of Latvia's project for instant payments or electronic payments that would be available 24/7/365 with the money credited to the beneficiary's account immediately so that the funds are available for use at once. It is planned to complete the project this year. The Bank of Latvia is currently working on the infrastructure required to ensure instant payments between the participants of its electronic clearing system, thereby promoting the use of cashless cash and the development of innovative payment solutions in Latvia.

Vejonis was also told about several other projects that are being implemented by the central bank.

The Latvian president and the top officials of the Bank of Latvia also discussed the latest developments in the national economy. The Council of the Bank of Latvia on March 23 decided to raise the inflation forecast for 2017 to 2.7% in view of the global food price trends and growing oil prices. The central bank's forecast for unadjusted GDP growth this year is 3%.

The participants of the meeting agreed to continue regular consultations on the matters important for the Latvian economy.