University of Latvia University of Latvia The University of Latvia (LU) () is a state-run university located in Riga, Latvia. It was established in 1919. The university is ranked 701st–750th in the world, as well as 4th in the Baltic states after the University of Tartu, Tallinn University of Technology, and Vilnius University. The University of Latvia, initially named as the Higher School of Latvia () was founded on September 28, 1919 on the basis of the former Riga Polytechnic (founded in 1862). The first rector of the university was chemist Paul Walden. In 1923, the school received its current name with the
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