Bank of Lithuania

Coordinates: 54°41′10″N 25°17′00″E / 54.68611°N 25.28333°E / 54.68611; 25.28333
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Bank of Lithuania
Lietuvos bankas (in Lithuanian)
HeadquartersVilnius
Coordinates54°41′10″N 25°17′00″E / 54.68611°N 25.28333°E / 54.68611; 25.28333
Established27 September 1922 (1922-09-27)[1]
Ownership100% state ownership[2]
ChairmanGediminas Šimkus
Central bank ofLithuania
Reserves$1.310 billion[2]
Websitelb.lt

The Bank of Lithuania (Lithuanian: Lietuvos bankas) is the Lithuanian member of the Eurosystem and has been the monetary authority for Lithuania from 1922 to 2014, issuing the Lithuanian litas, albeit with a long suspension between 1940 and 1993. Since 2014, it has also been Lithuania's national competent authority within European Banking Supervision.[3]

History[edit]

Interwar head office building of the Bank of Lithuania in Kaunas

The Bank of Lithuania was first established in Kaunas on 27 September 1922.[1] Its first governor was Vladas Jurgutis.[1] The first task of the bank was to replace German ostmark and ostrubel, which circulated after the World War I, with a Lithuanian currency litas. In 1931, the bank became a member of the Bank for International Settlements (BIS) organization.[1]

Primary functions[edit]

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.

As a member of the European System of Central Banks, the Bank of Lithuania participates in the formulation and implementation of the monetary policy of the eurozone.

Bank leadership[edit]

Governors of the Bank of Lithuania:[4]

Chairmen of the board of the Bank of Lithuania:[4]

Management and structure[edit]

Aerial view of Bank of Lithuania headquarters in Gediminas Avenue, built for Józef Montwiłł's bank in 1889–1891

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.

See also[edit]

References[edit]

  1. ^ a b c d "Historical timeline". Bank of Lithuania. Archived from the original on 8 February 2023. Retrieved 7 August 2023.
  2. ^ a b Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  3. ^ "National supervisors". ECB Banking Supervision.
  4. ^ a b "Historical timeline". www.lb.lt. Archived from the original on 25 November 2020. Retrieved 22 March 2020.

External links[edit]