Headquarters | Vilnius |
---|---|
Coordinates | 54°41′10″N25°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]
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]
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: [4]
Chairmen of the board of the Bank of Lithuania: [4]
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.
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 1930 it is the oldest international financial institution. Its initial purpose was to oversee the settlement of World War I war reparations.
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.
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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.
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The Lithuanian Riflemen's Union, also referred to as Šauliai, is a paramilitary non-profit organization supported by the Government of Lithuania, active in three main areas: military training, sport, and culture, but this differs between peace and wartime.
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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. The bank doesn't call itself the National Bank of Slovakia in English but uses its Slovak name Národná banka Slovenska in its English communications.
The Bank of Zambia (BoZ), is the central bank of Zambia.
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.
Jonas Vailokaitis was a Lithuanian banker and industrialist. He as his brother Juozas Vailokaitis (1880–1953) were widely regarded as the richest men in interwar Lithuania. He was one of the twenty signatories of the Act of Independence of Lithuania.
The Lithuanian Academy of Sciences or LMA is a state-funded independent organization in Lithuania dedicated for science and research. Its mission is to mobilize prominent scientists and initiate activities that would strengthen the welfare of Lithuania and contribute to the scientific, social, cultural and economic development of the country.
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."
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.
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Motinėlė Society was the common name of two Lithuanian charitable societies, one based in United States and the other in Kaunas, Lithuania, that provided financial aid to gifted Catholic minded students. While the societies shared the name and functions, they were independent of each other. The Lithuanian American society was established in 1900 by a group of priests and was active until 1945. Lithuanian priests copied the example and established Motinėlė in Kaunas in 1903. This society was active until 1932. Both societies supported over 120 Lithuanian students, many of whom later became prominent figures in Lithuanian politics, science, culture, and Catholic church.
Adomas Prūsas was a Lithuanian economist, one of the founders of the Party of National Progress and the Lithuanian Commercial and Industrial Bank, the first Lithuanian commercial bank, and deputy leader of the Bank of Lithuania from 1922 to 1926.
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