Analytics, Banks, Financial Services, Latvia

Kazaks said that the Bank of Latvia could do a number of things in a cheaper way, without losing the quality. "There are ways to improve efficiency, and this does not refer only to the bank's structures, but also to the management," said Kazaks.

He said that the Bank of Latvia currently is managed on two levels - supervisory board and management board, but in the future the supervisory board could take over the functions of the management board. A smaller number of people in the management would be cost efficient, and also decision making would be faster and more democratic.

Kazaks said that the bank could be a stronger backbone for Latvia's financial system. There is an idea on the merger of the Bank of Latvia and the Finance and Capital Market Commission, which would make support to Latvia's economy much clearer and stronger, said Kazaks.

Kazaks also spoke about the bank's work in Europe. "The Bank of Latvia has one vote like any other euro area country, and it is essential to take part in the monetary policy discussion, promote the right decisions, ensuring that Latvia is represented there," he said.

At the same time, the bank should engage in discussions about economy, explaining economy, explaining the bank's decisions.

As reported, potential candidates for the Bank of Latvia governor are current Bank of Latvia Council member Martins Kazaks, Fiscal Discipline Council member Inna Steinbuka and former chairman of the Financial and Capital Market Commission (FCMC) Uldis Cerps.

The current Bank of Latvia Governor Ilmars Rimsevics' term of office will run out on December 21