
If the coalition parties nominate his candidacy, Uldis Rutkaste is ready to run for the post of president of the Bank of Latvia, Rutkaste himself confirmed to the LETA agency.He explained that he discussed this possibility with the politicians of all three coalition parties, and they also had themselves contacted him with this question. This possibility was discussed as early as December, but then his candidacy was not nominated. Rutkaste reported, that in early January he connected with the politicians and confirmed
his readiness to contest for the chief of the central bank, emphasizing that he has the experience, knowledge and skills required for this position. He also informed the politicians about his presentation about the necessary changes in the operation of the Bank of Latvia. When asked about the reaction of
coalition politicians Rutkaste said that they reported that his candidacy is included in the list for discussion. Rutkaste noted
that since 2016 he has experienced working with the European Central Bank (ECB). He has participated in the Council of the ECB as Advisor to the President of Bank Latvia, and also substituted him at numerous
meetings of the Council of the ECB. In addition, Rutkaste remembered, that for two years he worked as advisor executive director of the International
Currency Fund (IMF) for the Northern Europe and Baltic countries. Rutkaste emphasized that he actively engaged in solving the economic problems of Latvia, including in credit issues. He explained that some of his proposals have already been implemented in legislative acts, for example, in regulation of therefinancing of mortgage loans, which has already been enacted, and also in the developed regulation of the refinancing of
corporate loans. “I know well all aspects of the Bank of Latvia, I have been in my position and feel that I can do
more, ” said Rutkaste. When asked about the necessary changes in the work of the Bank of Latvia he noted that the first focus on stimulating the financing of the economy. In his view, it is necessary to increase involve the non-bank
creditor sector, whose spectrum of services is wide, but the availability of financing is limited. Rutkaste added that he has some ideas about the changes in
regulation, including transferring supervision of the non-banking sector from the Center for Consumer Protection to Bank Latvia. He also spoke about his ideas
of how to change communication with large banks and motivate them to increase the volume of lending. Rutkaste believes that it is necessary to change the approach to attracting new participants to the banking market, based on the experience of
Lithuania. He also stressed that he has ideas for developing the business payment services and financial technologies with minimizing the risk of money laundering. In his view, it should revise the Bank of
Latvia’s approach to economic development. Bank of Latvia has performed advisory functions,
but the recommendations and developed proposals have not been realized in policy. Rutkaste added
that he had ideas for changing the management of the Bank of Latvia.of the President of the Bank of Latvia Latvia can be submitted until 31
January. As already reported, December 21 2024 year the term of authority of Martins Kazaks as President of the Bank of Latvia expired. But Seim was not able in the time to approve the new chief of the Central Bank. The coalition New Unity and Progressives have nominated Kazaks, and the coalition Union of Greens and peasants – Berzins. The Coalition was unable to nominate a single candidate, and the election of the President of the Bank of Latvia was possible only the votes of
the Opposition. As a result, both the New Unity, and the SZK withdrew their candidates as the Peace in the Coalition. The Government parties have promised to present a single candidate in January.
ThePresident of theBankofLatviacouldcandidate10candidates,LatvianTV reported.According toPrime MinisterEvikaSilini(NewUnity),someof thecandidatesalreadynowholdinfluentialposts.