Bank of Lithuania
The Bank of Lithuania (Lithuanian: Lietuvos bankas) is the central bank of the Republic of Lithuania. The Bank of Lithuania is a member of the European System of Central Banks. The chairman of the bank is Gediminas Šimkus. Until 2015, the Bank of Lithuania was responsible for issuing the former Lithuanian currency, the litas.
|Established||27 September 1922|
|Ownership||100% state ownership|
|Central bank of||Lithuania|
|Succeeded by||European Central Bank (2015)1|
|Website||The Bank of Lithuania (in Lithuanian and English)|
|1 The Bank of Lithuania still exists but many functions have been taken over by the ECB.|
According to the Bank's official website, the Bank of Lithuania performs these primary functions:
- maintaining price stability,
- formulating and implementing the monetary policy,
- acting as an agent of the State Treasury.
- Vladas Jurgutis (1922–1929)
- Vladas Stašinskas (1930–1939)
- Juozas Tūbelis (1939)
- Juozas Paknys (1939–1940)
- Bronius Povilaitis (1990)
- Vilius Baldišis (1990–1993)
- Romualdas Visokavičius (1993)
- Kazys Ratkevičius (1993–1996)
- Reinoldijus Šarkinas (1996–2011)
- Vitas Vasiliauskas (2011–2021)
- Gediminas Šimkus (since 2021)
Management and structure
The Bank is governed by a board consisting of a chairperson, two deputy chairpersons and two members.
According to The Bank of Lithuania official website, it is managed by Supervision Service; ten departments: Economics, Statistics, Market Operations, International Relations, Payment Systems, Cash, Accounting, Information Technology, General Services and Security; six autonomous divisions (Internal Audit, Legal, Organisation and Personnel, General and Public Relations, Risk Management), and Bank of Lithuania Branches in Kaunas and Klaipėda.