The Council of Latvijas Banka is chaired by the Governor. The Council passes decisions on behalf of the Bank.
The Council of Latvijas Banka consists of the Governor, the Deputy Governor and members of the Council:
Mārtiņš Kazāks was born on 19 September 1973 in Liepāja.
He is a graduate of Liepāja Rainis Secondary School No. 6 (1991) and holds a BSc in Economics from the University of Latvia (1995), a Diploma in Economics from the University of Cambridge (1996), an MSc in Economics(with Distinction; 1997) and a PhD in Economics (2005) from the University of London.
In 1994–1995, he was Leading Economist in the Department of Macrofiscal Analysis and Forecast of the Ministry of Finance of the Republic of Latvia and Research Assistant at the Riga Office of the International Research and Exchanges Board.
Between September 2000 and June 2001 and from September 2001 to June 2002, he served as Honorary Research Assistant at the Social Sciences Department, School of Slavonic and East European Studies, University College London.
Between November 2005 and December 2009, he worked for AS "HANSABANKA" (subsequently renamed "Swedbank" AS) as Chief Economist of Latvia and Chief Macroeconomic Analyst of the Baltics. From January 2010 to August 2018, he was Deputy Chief Economist of the Swedbank Group, Chief Economist of Latvia and Head of Macro Research Baltics.
Mārtiņš Kazāks has lectured at the Stockholm School of Economics in Riga (1996–2008), the University of London, Riga Stradiņš University and Riga Business School.
He has been a member of the following bodies: the Strategic Analysis Committee of the President of Latvia (2006–2011), Counselor Convention of BA School of Business and Finance, Counselor Convention of Liepāja University and Fiscal Discipline Council of the Republic of Latvia (2014–2018). He is a member of the Economists Association 2010 and National Association for Business Economics (USA).
Mārtiņš Kazāks has authored and co-authored numerous publications in the fields of financial markets and their integration, the economic development cycle and financial crises, fiscal policy and competitiveness of the economy.
On 21 June 2018, the Saeima of the Republic of Latvia appointed Mārtiņš Kazāks Member of the Council of Latvijas Banka as of 1 August 2018.
Vita Pilsuma was born on 18 March, 1956 in Riga; she is Latvian by nationality.
Vita Pilsuma is a graduate of Riga Secondary School No. 36. From 1974 to 1979 she studied at the Faculty of Finance and Trade, University of Latvia, and received a university degree in Credit and Finance. In 2010, Vita Pilsuma was awarded Doctor's Degree (Dr. oec.) in finance and credit.
Vita Pilsuma has worked in both state and commercial banks. From 9 October 1991, she was the Head of Foreign Relations Department of Latvijas Banka.
Vita Pilsuma was appointed Member of the Council of Latvijas Banka on 31 March, 1993 by the Supreme Council of the Republic of Latvia.
On 4 March 1999, 17 March 2005, 17 February 2011, and 9 March 2017 the Saeima reappointed Vita Pilsuma Member of the Council of Latvijas Banka for another term of six years (the new term of office commenced on 31 March 2017).
Mr. Sautiņš was born on 1 October, 1961 in Riga; he is Latvian by nationality. Mr. Sautins is a graduate of Riga High School No. 1. Upon graduation from the Faculty of Finance and Trade of the University of Latvia (specialty: merchandise and trade organization) in 1982, he gained experience in trade. Subsequently, he was appointed head of office at the Riga Statistics Department of the Central Statistical Bureau. From 1984 to 1990, he was employed as an economist and chief economist in a number of collective farms.
In 1990, Mr. Sautiņš took up a position of advisor to the Economics Committee of the Supreme Council of the Republic of Latvia.
On 15 November, 1993, he was elected chairman of the Central Statistical Bureau of Latvia.
Since 1994 Mr. Sautiņš has attended numerous courses and seminars organized by international institutions. In 1996, he received a certificate for having completed the program "Economic Indicators" provided by the Bureau of Labor Statistics of the U.S. Department of Labor.
Mr. Sautiņš is associate member of the association of economists "2010".
Mr. Sautiņš was appointed Member of the Council of Latvijas Banka on 10 June, 1998 by the Saeima of the Republic of Latvia, and assumed office on 2 July, 1998.
On 2 June 2004, 3 June 2010 and 16 June 2016 the Saeima re-appointed Mr. Sautiņš Member of the Council of Latvijas Banka for a further term of six years (the new term of office commenced on July 2, 2016).
Mr. Aivars Skopiņš was born on 7 January, 1957, in Riga; he is Latvian by nationality.
In 1975, Mr. Skopiņš graduated from the Saulkrasti High School. In 1981, Mr. Skopiņš graduated from the University of Latvia, Faculty of Law (speciality of Jurisprudence). For more than 10 years after the graduation from the University he worked at the State Court of Arbitration in the capacity of the State Arbitrator and at the Latvian Commercial Court as a Judge.
From 1992 to 1998, Mr. Skopiņš was the Head of the Legal Department and a Member of the Executive Board at the joint-stock company Latvijas Zemes banka. He worked as the Head of the Legal and Documentation Department at the joint-stock company Hansabank - Latvija until 1999.
Since 1999, Mr. Skopiņš has been an Arbitrator of the Riga International Court of Arbitration, and since 2001 he has served as a Member of the Presidium of the Riga International Court of Arbitration.
On 2 June, 2004, the Saeima of the Republic of Latvia appointed Mr. Skopiņš Member of the Council of Latvijas Banka (from 2 July, 2004).
On 3 June 2010 and 16 June 2016 the Saeima re-appointed Mr. Skopiņš Member of the Council of Latvijas Banka for a further term of six years (the new term of office commenced on 2 July, 2016).