_edited.jpg){kind=small}
What are the current year's financial sector news USA Phone Number List and forecasts for next year? And how should the government's work be assessed during the crisis? Reinis Rubenis, Chairman of the Board of Swedbank Latvija, evaluates the current events in the USA Phone Number List banking sector in 2020 in the context of the pandemic. Impact of the pandemic on banking This year has been full of challenges and I think it is best described by the word 'uncertainty'. The pandemic caused a moment of shock not only in the economy of Latvia, but in the world as a whole already in the spring.
However, I am glad that the joint forces managed to USA Phone Number List overcome the difficulties of spring, to catch their breath a little in the summer, in preparation for the second wave of the pandemic in the autumn. At the industry level, the ability to agree on a moratorium on credit holidays, which provided support to the people of Latvia at the most urgent USA Phone Number List time, should definitely be highlighted. Of course, banks are directly feeling the effects of the pandemic, and almost all banks operating in the sector have seen their operating performance decline, as banks resembling the bloodstream of the economy are immediately experiencing any change in their overall organization.
Both the sudden feeling of insecurity, which affected USA Phone Number List lending for a while, and the reduction in card payments, as bank customers were forced to limit their presence in public places, all of which were immediately reflected in banking operations. However, this crisis is unique in that we as a society have been able to recover from the sudden USA Phone Number List shock quite flexibly. Of course, it must be borne in mind that further developments are possible and no one fully knows how a pandemic may affect our daily lives in the future. But I am glad that banks have proved to be part of the solution to the crisis, not the cause of it. The ability to defer payments of principal on loans to its customers for up to a year shows that the banking sector can be very