The move follows the sudden departure of Tina Kuze who is purported to have left for personal reasons after 10 years at the organisation.

Ms Kuze’s departure creates a vacancy for a head of investment management and also for a member of the management board since she occupied both positions.

Mr Karass, who has temporarily assumed responsibility for both roles, is a long-time employee at the fund, working with the investment management division. Mr Karass has thrown his hat into the ring for the roles, but there is no certainty that he will win the appointment.

Kristine Jakubovska told epn that the fund was currently searching for a replacement, but was not sure when an appointment would be made. She added that the fund could add two people for the roles or possibly only one person who would occupy both.

Latvia has been one of the fastest-growing economies in Europe, but the boom appears to be slowing, partially because of soaring inflation.

Latvian growth dropped to 3.6 per cent in the first quarter of 2008, down from 8 per cent in the fourth quarter of 2007 and double-digit growth in previous years.

A recent survey listed inflation as Latvia’s main worry. The country’s inflation is a staggering 17.5 per cent year on year, and has been particularly felt in energy and electricity costs. The figure shattered inflation forecasts and could have an impact on its potential adoption of the euro. It has set a target date of 2012 for taking on the currency.

Finance minister Atis Slakteris commented via a statement that saving money for both the present and future has quickly become a vital task for every Latvian.

Printer friendly version

Email this article to a friend