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 Latvia. For the practical work and operational management of the Bank of Latvia, the Bank Council establishes a permanent board of 6 people. The Bank's President approves the structure of the Bank of Latvia, recruits and dismisses the Bank of Latvia's employees. The presidents of the 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