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Published: 02.10.2020

Mārtiņš Kazāks, Governor of Latvijas Banka, is expressing his gratitude to the Saeima for its decision to appoint economist and financier Andris Vilks to the Council of Latvijas Banka. The above decision will allow to strengthen the management team of the central bank at this significant moment  when structural changes are implemented at Latvijas Banka, inter alia improving efficiency and capacity, reviewing the management model and moving towards a single level management, as well as making preparations for the potential integration of the FCMC into Latvijas Banka.

"Andris Vilks will essentially contribute to strengthening the capacity and competence of the Council of Latvijas Banka, including in issues of macroeconomic analysis, cooperation with international institutions and successful change management at the institution," emphasizes Kazāks. "Andris Vilks is an outstanding professional having gained diverse experience both in the public and private sectors, as well as at top level positions at international financial institutions; he has gained international recognition. He has excellent knowledge and know-how in economics, finances, and developing economic and financial market policies."

Andris Vilks will commence his work at the Council of Latvijas Banka on 16 November. Mārtiņš Kazāks agreed Vilks' nomination with other Council members of Latvijas Banka, although the law does not require that.

Andris VIlks LETA rakstam

Andris Vilks was Chief Economist at SEB banka (previously Latvijas Unibanka), Adviser to Prime Ministers Ivars Godmanis and Valdis Dombrovskis, elected MP in 10th Saeima and appointed Minister of Finance in the Cabinet of Ministers chaired by Valdis Dombrovskis on 3 November 2010. In Autumn 2011, he was elected MP at the Saeima extraordinary election, but suspended his mandate as he continued in his office as Minister of Finance. The international business and financial affairs publication The Banker named Andris Vilks Europe's best finance minister of 2012.

In June 2014, Andris Vilks announced his intention not to participate in the Saeima election, to withdraw from the party and politics and to return to the financial sector. Since 2016 he has been working for the European Investment Bank as the Executive Director and Member of the Board of Directors at the European Bank for Reconstruction and Development in London,  but currently  is a senior official on institutional issues at the EIB regional representative office for the Baltic Region in Vilnius.

According to the Law on Latvijas Banka, the Council of Latvijas Banka consists of six persons: the Governor, the Deputy Governor and four members of the Council (for further information, see  https://www.bank.lv/en/about-us/structure). 30 September was the last day in office of Vita Pilsuma, member of the Council of Latvijas Banka, due to her decision to retire.