Published: 14.01.2020

Published in "Financial Sector Update".

As the newly-appointed Governor of Latvijas Banka (the central bank of Latvia), I am delighted to outline some of the exciting changes the central bank and the financial sector will be enjoying in the near future. The purpose of these changes is to strengthen the reputation of Latvijas Banka, the financial sector, and Latvia as a whole – following a period of almost two years of uncertainty.

The changes we are undertaking are ambitious. Although central banks, traditionally, are conservative institutions, the world and the financial sector are undergoing significant transformation, and so will Latvijas Banka. We will endeavor to be transparent and open throughout this transformation, operating as a reliable partner serving the public. We have been actively co-operating with Latvian and international institutions, contributing to the economic analysis and modernisation of the financial sector.

The changes implemented at Latvijas Banka represent one of the final building blocks in a major reform of the Latvian financial sector. Over the past year, Latvian institutions have collaborated on multiple projects to improve national legislation and introduce practical measures for preventing money laundering and terrorism financing (ML/TF), and we intend to continue this impressive work. A transparent, sustainable, and sound financial sector is vital for the Latvian people, and should become the "new normal".

The sustainability of the financial sector is not only the number one priority for Latvia, but also the entirety of Europe, and will require powerful institutional regulation. My role will include promoting the initiative on a pan-European AML regulation and establishing the institutional framework. Latvia's experience demonstrates that, with significant coordinated effort, we can achieve much in a short period of time.

On December 12 2019, the Saeima of the Republic of Latvia appointed Mārtiņš Kazāks the Governor of Latvijas Banka for the period of the next five years, starting on December 21 2019.

 "Financial Sector Update" Issue No. 20 (14 January 2020)

Latest News

02.07.2025

Latvijas Banka Publishes Its Third Climate-Related Financial Disclosures Report

Latvijas Banka has released its third annual report on Climate-Related...
20.06.2025

Latvijas Banka is issuing an electronic money institution operating licence to SIA Pace FS

On 18 June, the Supervision Committee of Latvijas Banka issued an...
19.06.2025

Prizes were awarded to the winners of the Competition of Student Scientific Research Papers organised by Latvijas Banka

Today at the award ceremony held at Latvijas Banka, prizes were...
12.06.2025

Latvijas Banka dedicates a coin to Liepāja on its 400th anniversary

On Tuesday, 17 June, Latvijas Banka is issuing a silver collector...
10.06.2025

Macroeconomic forecasts | June 2025

Latvijas Banka has published its latest macroeconomic forecasts...
06.06.2025

The European Securities and Markets Authority invites everyone to take part in a public consultation about the experience of private investors

The European Securities and Markets Authority (ESMA) has launched a...
19.05.2025

Latvijas Banka has developed guidelines for managing the risk of financial fraud

Latvijas Banka, in cooperation with the Finance Latvia Association,...
19.05.2025

A single square centimetre of Latvian earth, cast into a gold coin

On Thursday, 22 May, Latvijas Banka is issuing a gold collector...
15.05.2025

Students are invited to submit their papers for the Competition of Student Scientific Research Papers

As of today, the students of higher education institutions established...
14.05.2025

Working paper: A Short Drop or a Sudden Stop? Sanctions, Trade Shocks, and Firms’ Adjustment Margins

Working paper 3/2025
13.05.2025

On the performance of Latvijas Banka in 2024

The Council of Latvijas Banka has approved the Annual Report of...
22.04.2025

Changes to the Coin Programme

Latvijas Banka has decided to amend the 2025 coin issuance programme...