The topic of Bank of Lithuania is a topic of great relevance in today's society. This is an issue that affects a large number of people, and that arouses great interest and concern in the population. It is a topic that has been the subject of numerous studies, research and debates in recent years, demonstrating its importance and the need to address it appropriately. In this article, we will analyze Bank of Lithuania in depth, exploring its causes, consequences and possible solutions, with the aim of offering a broad and complete vision of this very relevant topic.
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 |
Ownership | 100% state ownership |
Chairman | Gediminas Šimkus |
Central bank of | Lithuania |
Reserves | $1.310 billion |
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, 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.
The Bank of Lithuania was first established in Kaunas on 27 September 1922. Its first governor was Vladas Jurgutis. 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.
According to the Bank's official website, the Bank of Lithuania performs these primary functions:
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.
Governors of the Bank of Lithuania:
Chairmen of the board of the Bank of Lithuania:
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.