Latvia parts of the Russian Empire, which may have been influenced by the Protestant religion of the inhabitants. World War I devastated the territory of what became the state of Latvia, and other western parts of the Russian Empire. Demands for self-determination were initially confined to autonomy, until a power vacuum was created by the Russian Revolution in 1917, followed by the Treaty of Brest-Litovsk between Russia and Germany in March 1918, then the Allied armistice with Germany on 11 November 1918. On 18 November 1918, in Riga, the People's Council of Latvia proclaimed the independence of the new country, with
Bank of Latvia the only central and issuing bank. It took over the ownership and structure of the USSR banks, Latvijas Republikānisko banku and other state credit institutions. On March 4, 1992, the Supreme Council of the Republic of Latvia passed the Law "On the Acquisition of the Bank of Latvia established in 1922". The Bank of Latvia's status as the central bank of the country and the issue bank was definitively consolidated by the laws of the Republic of Latvia "On Banks" and "On the Bank of Latvia" adopted on May 19, 1992. For the first time in Latvia, the independence of