Bank of Latvia Bank of Latvia The Bank of Latvia () is the central bank of Latvia. It is one of the key public institutions and carries out economic functions as prescribed by law. It was established in 1922. The principal objective of the Bank of Latvia is to regulate currency in circulation by implementing monetary policy to maintain price stability in Latvia. Until 31 December 2013, the bank was responsible for issuing the former Latvian currency, the Lats. The Bank of Latvia administration is located in Riga. The fiscal year for the bank begins on 1 January and ends on 31 December.
On the Restoration of Independence of the Republic of Latvia a new edition of the Constitution of Latvia should be created. Social, economic, cultural and political rights were granted to citizens and residents of Latvia in accordance with international human rights. The declaration also stated that Latvia would form its relationship with the Soviet Union on the basis of the Latvian–Soviet Peace Treaty of 1920, in which the Soviet Union had recognized the independence of Latvia as inviolable "for all future time". The 4th of May is a national holiday in Latvia. In its beginning the Declaration establishes several historical facts and on the basis of these facts concludes that