Bank of Lithuania

Last updated

Bank of Lithuania
Lietuvos bankas (in Lithuanian)
Lietuvos Bankas Logo.svg
Central Office of the Bank of Lithuania 2019.jpg
Headquarters Vilnius
Coordinates 54°41′10″N25°17′00″E / 54.68611°N 25.28333°E / 54.68611; 25.28333
Established27 September 1922 (1922-09-27) [1]
Ownership100% state ownership [2]
Chairman Gediminas Šimkus
Central bank of Lithuania
Reserves$1.310 billion [2]
Succeeded by European Central Bank (2015)1
Website lb.lt
1 The Bank of Lithuania still exists but many functions have been taken over by the ECB.
Aerial view of Bank of Lithuania headquarters in Gediminas Avenue, built by the order of Jozef Montwill in 1889-1891 LB by Augustas Didzgalvis.jpg
Aerial view of Bank of Lithuania headquarters in Gediminas Avenue, built by the order of Józef Montwiłł in 1889–1891

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]

Contents

History

The Bank of Lithuania was first established 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

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.

Bank leadership

Governors of the Bank of Lithuania: [4]

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

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.

See also

Related Research Articles

<span class="mw-page-title-main">Bank for International Settlements</span> International financial institution owned by central banks

The Bank for International Settlements (BIS) is an international financial institution which is owned by member central banks. Its primary goal is to foster international monetary and financial cooperation while serving as a bank for central banks. With its establishment in 1929, its initial purpose was to oversee the settlement of World War I war reparations.

<span class="mw-page-title-main">Reserve Bank of Australia</span> Central bank of Australia

The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank.

<span class="mw-page-title-main">Lithuanian litas</span> Former currency of Lithuania

The Lithuanian litas (ISO currency code LTL, symbolized as Lt; plural litai or litų was the currency of Lithuania, until 1 January 2015, when it was replaced by the euro. It was divided into 100 centų. The litas was first introduced on 2 October 1922 after World War I, when Lithuania declared independence, and was reintroduced on 25 June 1993 following a period of currency exchange from the Soviet ruble to the litas with the temporary talonas then in place. The name was modeled after the name of the country. From 1994 to 2002, the litas was pegged to the U.S. dollar at the rate of 4 to 1. The litas was pegged to the euro at the rate of 3.4528 to 1 since 2002. The euro was expected to replace the litas by 1 January 2007, but persistent high inflation and the economic crisis delayed the switch. On 1 January 2015 the litas was switched to the euro at the rate of 3.4528 to 1.

<span class="mw-page-title-main">Bank of Latvia</span> The central bank of Latvia, established in 1922

The Bank of Latvia is the Latvian member of the Eurosystem and has been the monetary authority for Latvia from 1922 to 2013, issuing the Latvian lats albeit with a long suspension between 1940 and 1993. Since 2014, it has also been Latvia's national competent authority within European Banking Supervision. The Bank of Latvia's administration is located in Riga.

<span class="mw-page-title-main">Bangko Sentral ng Pilipinas</span> Central bank of the Philippines

The Bangko Sentral ng Pilipinas is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993 as amended by Republic Act 11211 or the New Central Bank Act of 2019. The principal author was Senator Franklin Drilon. It was signed by President Rodrigo Duterte.

<span class="mw-page-title-main">Bangladesh Bank</span> Central bank of Bangladesh

Bangladesh Bank is the central bank of Bangladesh and is a member of the Asian Clearing Union. It is fully owned by the Government of Bangladesh.

<span class="mw-page-title-main">Czech National Bank</span> Central bank of the Czech Republic

The Czech National Bank, is the central bank and financial market supervisor in the Czech Republic, headquartered in Prague. It is a member of the European System of Central Banks. It was established on 1 January 1993 from the division of the State Bank of Czechoslovakia as part of the process of dissolution of Czechoslovakia, together with the National Bank of Slovakia.

<span class="mw-page-title-main">Maldives Monetary Authority</span> Central bank of Maldives

The Maldives Monetary Authority (MMA) is the central bank of the republic of Maldives and was established on July 1, 1981, under the mandate provided by the "MMA Act" of 1981, located in the capital city of Malé. The current governor and chairperson is Ali Hashim and deputy governor is Mr. Ahmed Imad. It is a member of the Asian Clearing Union.

<span class="mw-page-title-main">Qatar Central Bank</span> Central Bank of Qatar

The Qatar Central Bank is the central bank of Qatar.

<span class="mw-page-title-main">Central Bank of Azerbaijan</span> Monetary Authority of Azerbaijan

The Central Bank of Azerbaijan is the central bank of Azerbaijan Republic. The headquarters of the bank is located in the capital city Baku.

<span class="mw-page-title-main">Central Bank of the Dominican Republic</span> Central bank of the Dominican Republic

The Central Bank of the Dominican Republic was established by the Monetary and Banking Law of 1947 as the central bank of the Dominican Republic, responsible for regulating the country's monetary and banking system. The Bank's headquarters is in Santo Domingo, and its current governor is Héctor Valdez Albizu.

<span class="mw-page-title-main">Central Bank of Armenia</span> Central Bank of Armenia

The Central Bank of Armenia is the central bank of Armenia with its headquarters in Yerevan. The CBA is an independent institution responsible for issuing all banknotes and coins in the country, overseeing and regulating the banking sector and keeping the government's currency reserves. The CBA is also the sole owner of the Armenian Mint.

<span class="mw-page-title-main">National Bank of Slovakia</span> Central Bank of Slovakia

National Bank of Slovakia is the Slovak member of the Eurosystem and was the monetary authority for Slovakia from 1993 to 2008, issuing the Slovak koruna. Since 2014, it has been Slovakia's national competent authority within European Banking Supervision. It was formed on 1 January 1993 from the division of the State Bank of Czechoslovakia as part of the process of dissolution of Czechoslovakia, together with the Czech National Bank. In addition to its headquarters in Bratislava, the National Bank has 5 regional offices.

<span class="mw-page-title-main">Bank of Zambia</span> Central Bank of Zambia

The Bank of Zambia (BoZ), is the central bank of Zambia.

<span class="mw-page-title-main">Central Bank of Somalia</span> Central Bank of Somalia

The Central Bank of Somalia (CBS) is the monetary authority of Somalia. Somalia has struggled to reestablish a functioning state since the collapse of an authoritarian regime in 1991. Somalia has been cited as a real-world example of an anarchist stateless society and a country with no formal legal system. The Transitional Federal Government, formed in 2004, was recognized as the central government of Somalia. Among other duties, it is in charge of ensuring financial stability, maintaining the internal and external value of the local currency, and promoting credit and exchange conditions that facilitate the balanced growth of the national economy. Within the scope of its powers, it also contributes to the financial and economic policies of the State.

<span class="mw-page-title-main">Royal Monetary Authority of Bhutan</span> Central bank of Bhutan

The Royal Monetary Authority of Bhutan is the central bank of Bhutan and is a member of the Asian Clearing Union. It is also the minting authority for the Bhutanese Ngultrum. The Royal Monetary Authority of Bhutan was established under the Royal Monetary Authority of Bhutan Act of 1982. Subsequently, the Act of 1982 was amended by the Financial Institutions Act of 1992 and replaced in its entirety by the Royal Monetary Authority Act of 2010.

<span class="mw-page-title-main">Vladas Jurgutis</span>

Vladas Jurgutis was a Lithuanian priest, economist, and professor. As the first chairman of the Bank of Lithuania he is unofficially considered to be the "father of the Lithuanian litas."

<span class="mw-page-title-main">Vladas Jurgutis Award</span>

Vladas Jurgutis Award is a prestigious economic award, once a year granted by the Bank of Lithuania and Lithuanian Academy of Sciences. The aim of the Award is to encourage scientific activities in the area of research on Lithuania's banking, finance, money and macroeconomics. Award named after the father of Lithuanian Litas, Vladas Jurgutis.

<span class="mw-page-title-main">Nepal Rastra Bank</span> Central bank of Nepal

The Nepal Rastra Bank was established April 26, 1956 A.D. under the Nepal Rastra Bank Act, 1955, to discharge the central banking responsibilities including guiding the development of the embryonic domestic financial sector. As of now, the NRB is functioning under the new Nepal Rastra Bank Act, 2002. The functions of NRB are to formulate required monetary and foreign exchange policies so as to maintain the stability in market prices, to issue currency notes, to regulate and supervise the banking and financial sector, to develop efficient payment and banking systems among others. The NRB is also the economic advisor to the government of Nepal. As the central bank of Nepal, it is the monetary, supervisory and regulatory body of all the commercial banks. development banks, finance companies and micro-finances institutions.

<span class="mw-page-title-main">Palestine Monetary Authority</span> Central Bank of Palestine

The Palestine Monetary Authority is the emerging central bank of Palestine. The PMA, located in Ramallah, was established in 1994 following the signing of the Protocol on Economic Relations between the Palestinians and Israel. It is an independent public institution responsible for the formulation and implementation of monetary and banking policies, to safeguard the banking sector and to ensure the growth of the national economy in a balanced manner.

References

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