Lithuania's economy growth seeing slowdown: central bank head

Source: Xinhua| 2018-11-01 02:02:08|Editor: Mu Xuequan
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VILNIUS, Oct. 31 (Xinhua) -- Lithuania's economy growth slowdown is being seen, however the new economy crisis is not "around the corner", Vitas Vasiliauskas, chairman of Lithuania's central bank, said on Wednesday.

"I would not say that the crisis is just around the corner, nevertheless, we undoubtedly see some indicators of a slowdown," Vasiliauskas was quoted by local media as speaking to reporters.

The central banker was speaking after he gave his testimony to parliament's committee examining the reasons behind the 2008-2009 financial crisis in the country.

Lithuania now looks "much better" than before the decade-old crisis, Vasiliauskas underlined.

"Without any doubts, we will face a slowdown eventually. The question is how we will be prepared for this," he added.

While giving his testimony at the parliamentary committee of budget and finance, Vasiliauskas admitted that some mistakes were made by the central bank before the past crisis.

"The central bank was not prudent enough and did not do everything it could with possibilities existing at the time," the head of bank said.

The growth of credit market was unsustainable before the financial crisis, he added.

Lithuania's parliament earlier this year obliged the committee to examine the causes of the 2008-2009 financial crisis in Lithuania and evaluate decisions on the state finances adopted by previous governments which were in place after 2005.

The investigation is scheduled to be completed by mid-April 2019.