Bank of Latvia

Euro

Http://www.bank.lv

Soviet State Bank

Latvijas Banka is the central bank of the Republic of Latvia.

History

The Republic of Latvia declared itself independent on 18 November 1918. One of the first tasks of the state belonged to the determination of the foundations of the financial system and the currency of the country. On September 7, 1922, the Constituent Assembly adopted a provisional law on the central bank, the Latvijas Banka, among others, gave the right to issue the national currency. In the same year, the Latvian lats has been introduced. It replaced the Latvian rubles, 50 rubles corresponded to a lats. The final law on the Central Bank was adopted by the Saeima on 24 April 1923 and signed by the President Jānis Čakste on 2 July of the same year.

During the time of the first Soviet occupation of Latvia from 17 June 1940, the private banks in the country were nationalized under the umbrella of Latvijas Banka, before it was dissolved on 10 October 1940. Their functions inherited a republic office of the Soviet Central Bank Gosudarstvenny SSSR. During the interim German occupation of Latvia from 1941 to 1945 Latvijas Banka could start operating again restricted; the right to issue currency, it was denied.

During the restoration of Latvian independence, the tasks of the Central Bank were confirmed in two laws. "Par bankām " and " par Latvijas Banku " were indeed decided before the collapse of the Soviet Union, but finally adopted only in 1992. The laws define the Latvijas Banka as an independent, autonomous central bank, with the exclusive right to issue the national currency. Other tasks include the control of the national banking sector and payments, control of national monetary policy and the management of the treasury. Under the law "Par Latvijas Banku " is a main objective of the Bank to keep inflation under control. In addition, the central bank influences the macro -economic conditions and contributes to a sustainable, stable over time, economic growth.

On January 1, 2014, the introduction of the euro has been implemented instead of the lats.

Seat

In addition to its headquarters in Riga, the Bank maintains three branch offices in Daugavpils, Rezekne and Liepaja.

Latvijas Banka is a member of the Eurosystem, the European System of Central Banks and of the Council of the European Central Bank. In this way, the bank also has an influence on monetary policy and economic policy of the EU.

Line

Latvijas Banka is governed by a board, which a chairman, his deputy and six ordinary members belong. Chairman of Latvijas Banka is Rimšēvičs since 2001 Ilmārs. Its predecessor was 1991 - 2001 Einar Repše.

Swell

• Objectives of the Bank of Latvia ( english, spotted August 18, 2011 )
• History of the Bank of Latvia (English sighted 18 August, 2011 )