Bank of Latvia
The Bank of Latvia (Latvian: Latvijas Banka, Russian: Банк Латвии) is the central bank of Latvia. It is among the nation's key public institutions and carries out economic functions as prescribed by law. It was established in 1922.
|Established||7 September 1922|
|Ownership||100% state ownership|
|Central bank of||Latvia|
|Reserves||3 050 million USD|
|Preceded by||State Savings and Credit Bank|
|Succeeded by||European Central Bank (2014)1|
|1 The Bank of Latvia still exists, but many functions have been taken over by the European Central Bank.|
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.