Since the first private commercial banks were established in the late 1980's, banking has grown exponentially in Latvia. However, established under very loose banking regulations, those banks were not viable. At present, bank services are limited to short-term lending, international financial transfers, foreign currency exchange transactions, as well as credit and debit card operations. The Latvian government maintains no controls over the import, export, use or exchange of foreign currencies in Latvia. Medium-term Eximbank financing is available in Latvia for credits that are backed by the full faith and credit of the Latvian government, or guaranteed by a proven, reputable financial entity.
EBRD financing is also available for both private and public sector projects.