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.
On the Restoration of Independence of the Republic of Latvia been clearly expressed by electing as a majority those deputies, who had stated that they will restore independence of the Republic of Latvia in their reelection programme. After establishing that the Republic of Latvia "de jure" is a sovereign country and that by the will of its people it should be independent, the Supreme Soviet ruled: 1. To recognize the priority of international laws over national laws. To hold to be illegitimate the treaty between the USSR and Germany of 23 August 1939, and the consequent liquidation of independence of Latvia resulting from Soviet military aggression on 17 June 1940.