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.
Geography of Latvia (central Latvia, Vidzeme Upland and Aluksne Upland), and Latgale (eastern Latvia), provide a picturesque pattern of fields interspersed with forests and numerous lakes and rivers. In this area, the extensive glacial moraines, eskers, and drumlins have limited the profitability of agriculture by fragmenting fields and presenting serious erosion problems. About 10% of Latvian territory consists of peat bogs, swamps, and marshes, some of which are covered by stunted forest growth. Forests are the outstanding feature of Latvia, claiming 52% of the territory. Over the past 100 years the amount of forest territories in Latvia has doubled, and the process is