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FCMC says Latvia's role as financial center should not be exaggerated

Kristaps Zakulis, the head the Financial and Capital Market Commission.
 RIGA, March 26 - The Financial and Capital Market Commission (FCMC) notes that Latvia's role as a financial center in global banking should not be exaggerated.

There are such financial centers as Great Britain, Luxembourg and Switzerland, which have not lost their appeal to foreign investors, and the scale of their operations is incomparably larger, informs FCMC Communication Department head Laima Auza.

FCMC specialists believe there is no reason to expect large investment amounts flowing to Latvia after the re-opening of Cypriot banks.

According to statistics, Latvia has not been the main destination for Cyprus money so far. Money from Cyprus began fleeing the country in the summer of 2011, the last outflow was registered this past January, when rumors reemerged on the troubled Cypriot financial sector. EUR 1.7 billion (LVL 1.9 billion) flowed out of Cyprus in January. In Latvia, the total surplus of non-resident deposits from all countries increased by nearly EUR 130 million (LVL 91.36 million) in January.

Therefore there is no reason to believe that the current trend will change and large investment amounts will flow to Latvia after the re-opening of Cypriot banks on Thursday, points out Auza.
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