The number of banks in Latvia fluctuated considerably between 2008 and 2023, with a downward trend after 2013. After the reclassification of credit unions to credit institutions saw the total number jump in 2013 to 63, the number of credit institutions in Latvia has decreased to 42 as of the end of 2023.
The source adds additional information: The reclassification of credit unions as credit institutions in Latvia resulted in a significant increase in the overall number of credit institutions in 2013.
 Monetary financial institutions (credit institutions) data are based on ECB Structural Financial Indicators and ECB monetary financial institution (MFI) statistics.
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ECB. (March 4, 2024). Number of banks in Latvia from 2008 to 2023 [Graph]. In Statista. Retrieved December 21, 2024, from https://www.statista.com/statistics/350629/eurozone-latvia-number-mfi-credit-institutions/
ECB. "Number of banks in Latvia from 2008 to 2023." Chart. March 4, 2024. Statista. Accessed December 21, 2024. https://www.statista.com/statistics/350629/eurozone-latvia-number-mfi-credit-institutions/
ECB. (2024). Number of banks in Latvia from 2008 to 2023. Statista. Statista Inc.. Accessed: December 21, 2024. https://www.statista.com/statistics/350629/eurozone-latvia-number-mfi-credit-institutions/
ECB. "Number of Banks in Latvia from 2008 to 2023." Statista, Statista Inc., 4 Mar 2024, https://www.statista.com/statistics/350629/eurozone-latvia-number-mfi-credit-institutions/
ECB, Number of banks in Latvia from 2008 to 2023 Statista, https://www.statista.com/statistics/350629/eurozone-latvia-number-mfi-credit-institutions/ (last visited December 21, 2024)
Number of banks in Latvia from 2008 to 2023 [Graph], ECB, March 4, 2024. [Online]. Available: https://www.statista.com/statistics/350629/eurozone-latvia-number-mfi-credit-institutions/
