Mr. Ilmārs Rimšēvičs was born on 30 April 1965 in Riga.
In 1990 he graduated from the Riga Technical University (1983—1990) with BA in economics and international trade relations.
From 1988 to 1989 Mr. Rimšēvičs studied at St. Lawrence University (USA), receiving an honours degree.
In 1992 he graduated from Clarkson University, USA (1991—1992), receiving an MBA degree.
Mr. Rimšēvičs has been Deputy Chairman of the Economics Committee of the Popular Front of Latvia (1989—1990).
He was Manager of Foreign Operations Department and Head of Securities Department at the commercial bank Latvijas zemes banka (1990—1992).
On 2 July 1992 the Supreme Council of the Republic of Latvia appointed Mr. Rimšēvičs Deputy Governor of Latvijas Banka.
On 27 August 1992 the Council of Latvijas Banka appointed Mr. Rimšēvičs Chairman of the Board of Latvijas Banka.
On 12 February 1998 the Saeima appointed Mr. Rimšēvičs Deputy Governor for a second term of six years.
On 20 December 2001 Mr. Rimšēvičs was appointed Governor of Latvijas Banka.
On 1 November 2007 the Saeima of the Republic of Latvia appointed Ilmārs Rimšēvičs Governor of Latvijas Banka for a second term of six years.
On 31 October 2013 he was re-appointed Governor of Latvijas Banka for a third six-year term.
Ilmārs Rimšēvičs is a member of the General Council of the European Central Bank since 1 May 2004; he is also a member of its Governing Council as of 1 January 2014.
Pursuant to the decision of Latvia's Chapter of Orders of 14 April 2014, Ilmārs Rimšēvičs was awarded the Order of Three Stars, Third Class (Commander). On 23 March 2015 Ilmārs Rimšēvičs was awarded the French National Order of the Legion of Honour (Ordre National de la Légion d'honneur).