Latvia for the next 45 years. The peaceful Singing Revolution, starting in 1987, called for Baltic emancipation from Soviet rule and condemning the Communist regime's illegal takeover. It ended with the Declaration on the Restoration of Independence of the Republic of Latvia on 4 May 1990, and restoring "de facto" independence on 21 August 1991. Latvia is a democratic sovereign state, parliamentary republic and a very highly developed country according to the United Nations Human Development Index. Its capital Riga served as the European Capital of Culture in 2014. Latvian is the official language. Latvia is a unitary state, divided into
Bank of Latvia On September 7, 1922, the Constitutional Assembly adopted the Law on the Establishment of the Bank of Latvia. The Bank of Latvia was granted emission rights. The Bank's interim statutes were approved on September 19, 1922, with the decision of the Cabinet of Ministers, and its initial capital was 10 million lats. On April 24, 1923, Saeima approved the Statute of the Bank of Latvia, signed by President Jānis Čakste on the 2nd July. The bank was headed by a council and board. The Council consisted of a chairman, a deputy and 11 members, but the board included a director