Simplify the following text for a Grade 6 native English-speaking person.
Original: Almost all important Latvian financial institutions are located in Riga , including the Bank of Latvia , which is Latvia 's central bank . Foreign commercial trade through Riga has been on the increase in recent years and received new impetus on May 1 , 2004 when Latvia became a member of the European Union .
Simplified: Riga is the capital city of the European country of Latvia .