Just a bit more than 20 years ago in Latvia there was one interbank clearing cycle a day, it was paper-based and the transactions between clients of different commercial banks at that time took a few days to be completed. Today instant interbank transfers can be executed within a matter of seconds 24 hours a day 7 days a week.
In addition, real spending on consumer durables such as motor vehicles has begun to pick up. Moreover, foreign trade has been an important factor contributing to demand for U.S. products. Here in Los Angeles, net container flows through the ports of Los Angeles and Long Beach rose 16 percent in 2010 and continued to rise last year, though at a slower pace.