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General Information About Latvia
After a brief period of independence between the two World Wars, Latvia was annexed by the USSR in 1940. It reestablished its independence in 1991 following the breakup of the Soviet Union. Although the last Russian troops left in 1994, the status of the Russian minority (some 30% of the population) remains of concern to Moscow. Latvia continues to revamp its economy for eventual integration into various Western European political and economic institutions.
- Population: 2.4 million
- Political Structure: In 1993, the Constitutional Law supplemented the 1922 satversme (constitution). The constitution provides for basic rights and freedoms. Latvian citizens 18 years and over, and those resident in Latvia before 27 June 1940, are eligible to vote.
- Infrastructure and Economy: Latvian economy has achieved a remarkable recovery following a brief recession in the aftermath of the Russian crisis. Real GDP growth was 6.8 percent in 2000, and it accelerated to 7.7 percent in 2001. Growth is expected to reach about 5.5 percent in 2002. The current account deficit, however, remains an area of concern as it has increased to about 10 percent of GDP in 2001 and only an insignificant improvement is expected in 2002. Inflows of investment decreased in 2001 due to the economic slowdown in the world economy. However, in the situation has improved significantly in the first half of 2002 with inflows of foreign direct investment covering most of the current account deficit. Consumer price inflation has been low in recent years, below 3% per annum, and 1.9% in 2002.
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- Language: Latvian (official), Lithuanian, Russian, other
- Currency: Latvian lat (LVL)
- Exchange Control: None
- Type Of Law: Based on civil law system
This Latvia bank account offers a current account is a multi-currency account for corporate and private persons for all types of transactions in Latvian Lats other freely convertible currencies, and currencies of the CIS countries. A current account may be credited without limitation.
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Latvia Baltic Current Account
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Account Details
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Min Balance
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US$199.00*
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Yes
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Yes
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Yes
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Yes
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Yes
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*Please note that there is an account opening fee of US$50 to be charged by the bank for non resident of Latvia, our service fee of US$199 is not inclusive of the aforesaid account opening fee.
Documents Required by the Bank:
Please click here for a list of documents required by the Bank for your application of this bank account.
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