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 Latvia's independence. On the Restoration of Independence of the Republic of Latvia The Declaration "On the Restoration of Independence of the Republic of Latvia" () was adopted on 4 May 1990, by the Supreme Soviet of the Latvian SSR. The Declaration stated that, although Latvia had "de facto" lost its independence in 1940, when it was annexed by the Soviet Union, the country had "de jure" remained a sovereign country as the annexation had been unconstitutional and against the will of the people of Latvia. Therefore it resolved that the Molotov–Ribbentrop Pact and the Soviet occupation of Latvia in 1940