1. Fiscal policy, including fiscal policy, of Latvia is administered by the Ministry of Finance.
2. The ministry follows the country's financial status and manages the budget, which includes preparing budget plans.
3. In addition, the ministry also acts as an intermediary between the government, the Latvian people and the rest of the world by following
4. and reporting on financial news and events, as can be seen on the official website of the ministry.
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6. Latvian currency
7. Before 2014, the official currency of Latvia was the Latvian Lat (in Latvian: Latvijas Lats).
8. For example, Latvia has retained its national currency for 10 years since the country became a member of the EU in 2004. In 2014, Latvia adopted the euro as its official currency, thereby joining the euro area or eurozone - a group of countries whose official currency is the European euro. This also allowed Latvia to become a member of the European Central Bank or (ECB) – the central bank for the euro and the institution that governs the monetary policy of the eurozone.
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10. Credit rating
11. In general, Latvia's creditworthiness can be considered high, stable and with positive prospects.
12. There are three major financial services and statistics providers whose rating can be used to measure Latvia's creditworthiness:
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14. Financial services from Standard & Poor's
15. Moody's Investor Service
16. Fitch ratings
17. Standard & Poor's rates Latvia's creditworthiness as A-. This means that Latvia, as a debtor, normally meets its financial obligations,
18. but can be somewhat unreliable and have difficulties in meeting its obligations in times of economic instability. Nonetheless,
19. A- shows that Latvia can be trusted most of the time when it comes to financial commitments. This is further supported by the
20. rating being 'stable', meaning that the outlook is unlikely to improve, but is not likely to deteriorate either.
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22. Moody's rates Latvia's creditworthiness as A3. This corresponds to Standard & Poor's A-, so that the previous description of
23. creditworthiness is also applicable in this case. This is also supported by the fact that the rating is classified as "stable",
24. which means that his prospects are unlikely to improve, but will not deteriorate either.
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26. Fitch rates Latvia's creditworthiness as A-. This corresponds to Standard & Poor's A-, so that the previous description of creditworthiness
27. is also applicable in this case. The prospects rating is also “stable”.
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29. national debt
30. Latvia's public debt is approximately 39.2% of the country's GDP, which is below the world average.
31. It is also lower than many other European countries. The relatively low debt-to-GDP ratio also shows that Latvia is able to produce and sell goods
32. without incurring further debt.
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34. https://www.baltic-legal.com/market-entry-latvia-finances-eng.htm