Latvian central bank governor detained in financial probe

Latvia’s central bank governor has been detained by the country’s anti-corruption agency, prompting further questions about the financial system of the eurozone member.

Latvia’s cabinet will hold an emergency meeting today (February 19) to discuss the affair while the president’s national security council will also debate financial matters next week. Latvian authorities sought to reassure the public after Ilmars Rimsevics, a member of the European Central Bank’s governing council and governor of the Bank of Latvia for the past 16 years, was questioned for eight hours on Saturday (February 17).

“We are facing a crisis of the international reputation of the Latvian financial system.” - Dana Reizniece-Ozolaana, Latvia’s finance minister