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Headquarters | Vilnius |
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Coordinates | 54°41′10″N 25°17′00″E / 54.68611°N 25.28333°E |
Established | 27 September 1922[1] |
Ownership | 100% state ownership[2] |
Chairman | Gediminas Šimkus |
Central bank of | Lithuania |
Reserves | $1.310 billion[2] |
Website | lb.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, albeit with a long suspension between 1940 and 1993. It issued the Lithuanian litas between 1922 and 1940, the Lithuanian talonas in 1991-1993,[citation needed] then a second litas from 1993 to 2014. Since 2015, it has also been Lithuania's national competent authority within European Banking Supervision.[3]
History
[edit]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]
- Vladas Jurgutis (1922–1929)
- Vladas Stašinskas (1930–1939)
- Juozas Tūbelis (1939)
- Juozas Paknys (1939–1940)
Chairmen of the board of the Bank of Lithuania:[4]
- 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
[edit]![](https://upload.wikimedia.org/wikipedia/commons/thumb/7/7c/LB_by_Augustas_Didzgalvis.jpg/220px-LB_by_Augustas_Didzgalvis.jpg)
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]- ^ a b c d "Historical timeline". Bank of Lithuania. Archived from the original on 8 February 2023. Retrieved 7 August 2023.
- ^ a b Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
- ^ "National supervisors". ECB Banking Supervision.
- ^ a b "Historical timeline". www.lb.lt. Archived from the original on 25 November 2020. Retrieved 22 March 2020.
External links
[edit]- The Bank of Lithuania (in Lithuanian and English)