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.
Politics of Latvia have an opposite practice, requiring visas from both citizens and non-citizens of Latvia, but allowing non-citizens to travel to Russia with a cheaper visa. As a transitional clause, the Latvian law allows dual citizenship for those who were forced to leave Latvia during the Soviet or Nazi occupation and adopted another citizenship while away from Latvia. In order to be eligible for dual citizenship, they had to claim it by July 1, 1995. After that date the other citizenship must be renounced upon the acceptance of the Latvian citizenship. Latvian is the sole state language in Latvia; while the threatened