Riga, June 10 (LETA) - Riga needs to quickly establish a capable leadership, as the city is the key to Latvia's economic growth, Bank of Latvia President Martins Kazaks said at a discussion organized by the Bank of Latvia on Tuesday.

"Elections have been held in Riga and it is necessary to quickly establish a capable leadership, because Riga is the key to Latvia's economic growth. No one in Latvia has that much power and Riga needs to play its place regionally," Kazaks said.

He stressed that the to-do list is long, but Riga's regional advantages in the Baltic and Baltic Sea region must be used now.

As reported, the municipal elections in Riga were won by Latvia First (LPV), which was closely followed by the Progressives and the National Alliance, according to the election results announced by the Central Election Commission.

In the municipal elections in Riga, the LPV won 18.17 percent of the vote, which gives it 13 out of 60 seats on the city council. The Progressives won 16.62 percent of the vote, giving them 11 seats, the National Alliance followed with 14.2 percent of the vote, giving it 10 seats, and Riga Mayor Vilnis Kirsis' New Unity, won 12.9 percent, which gives the party nine seats on the city council.

The Progressives have taken the initiative to form a new governing coalition in negotiations with the National Alliance, New Unity and the United List. Such a coalition would have 34 out of the 60 votes on the city council.