DNB introduces new service – transactions in Chinese yuans and Israeli shekels

Macroeconomic and geopolitical change has created growing interest among Latvian businesses in new and prospective markets, therefore DNB Bank has introduced a new service for its clients allowing them to open accounts, perform payments and conversions in two new currencies – Chinese yuans (CNY) and Israeli shekels (ILS).

“Concentrating on new markets and especially – exploring opportunities in Asia – has lately become one of the top priorities for Latvian businesses in large part due to the broader geopolitical situation. Therefore, based on the needs of Latvian businesses, we are giving an opportunity and creating favourable conditions for developing cooperation with prospective regions around the world which have shown a positive interest in what Latvian businesses have to offer. We will continue to analyse Latvia’s external trade flows and the needs of our clients in order to assess whether to introduce payments and conversions in other currencies as well,” explains Andris Savickis, Head of FX and Rates Unit at DNB Bank.

Previously the chance to perform transactions in Chinese and Israeli currencies in Latvia was very limited, as in most cases it was only possible to perform a money transfer and currency conversion. The newly introduced opportunity to open accounts, perform payments and conversions will simplify mutual transactions with partners from China and Israel, due to reduced conversion charges, which in turn open the door for more favourable terms of engagement.