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.
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