Today the Council of Latvijas Banka approved the Statistical Programme of Latvijas Banka for 2019 and outlined the plans for work in the field of statistics in the medium term (2020–2022).
The Statistical Programme of Latvijas Banka for 2019 aims to provide information on the key tasks of Latvijas Banka in the field of statistics in 2019, types of statistics collected by Latvijas Banka in pursuit of its tasks, the legal framework, frequency and deadlines for compilation of these statistics, as well as information on the providers and the main users of the respective statistical data. The programme also contains information on the statistics published by Latvijas Banka pursuant to the laws of the Republic of Latvia and to ensure continuity of publication of important time series or more user-friendly access to important information published by the European Central Bank.
In 2019, the key priority in the field of statistics for Latvijas Banka will be the compilation and publishing of the data of the third Household Finance and Consumption Survey (HFCS). Latvijas Banka conducted this survey in cooperation with the Central Statistical Bureau of the Republic of Latvia. The survey data are used to study the economic behaviour of households and analyse the impact of macroeconomic and policy decisions on households. For more information on HFCS, see https://www.bank.lv/en/your-profile/media/press-releases/10961-latvia-will-participate-in-the-household-finance-and-consumption-survey-at-euro-area-level and https://www.bank.lv/en/statistics/stat-data/hfcs/descriptions-hfcs.
The medium-term statistical work programme of Latvijas Banka for 2020-2022 will ensure that respondents, data users and other interested parties are provided with transparent information (the characteristics and result of the work, the planned deadline as well as the impact on the respondent) on Latvijas Banka's operations planned in the field of statistics in the medium term.
According to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank, the European System of Central Banks (ESCB) follows the principle of professional independence in the fulfilment of its tasks. One of the performance indicators for the above principle defined in the document "ESCB Public Commitment on European Statistics" is publication of the statistical work programme. As of 1 January 2016, the field of national statistics in Latvia is governed by the National Statistics Law, which does not apply to the statistics produced by Latvijas Banka pursuant to the Law on Latvijas Banka. Therefore, the statistics compiled by Latvijas Banka are not included in the annual national statistical information programme approved by the Cabinet of Ministers.
Latvijas Banka carries out several tasks significant for the functioning of the economy and financial system. One of the most important tasks is collection, storage and processing of statistical data, as well as development, compilation, analysis and dissemination of statistical information pursuant to the Law on Latvijas Banka. Latvijas Banka compiles monetary and financial statistics, banknote statistics, payment and payment system statistics, financial stability statistics, balance of payments and international investment position statistics, as well as gets actively involved in compilation of statistical data at the European level.
Both documents – the Statistical Programme of Latvijas Banka for 2019 and the medium-term statistical work programme of Latvijas Banka for 2020–2021 – will be published on the website of Latvijas Banka at www.bank.lv (https://www.bank.lv/en/about-us/tasks/tasks-statistics/statistical-programme).
Latvijas Banka, acting in the public and economic interest, carries out several tasks significant for each and every inhabitant, financial markets and the public at large:
– participates in the formulation and implementation of the euro area's monetary policy;
– issues cash in Latvia and participates in ensuring the cash circulation process in the euro area;
– discharges the function of the central national currency authentication centre;
– maintains the interbank payment systems' infrastructure and promotes their smooth operation;
– manages the foreign reserves and other financial investments;
– acts as the financial agent of Latvia's government and provides financial services to other market participants;
– compiles and publishes financial, monetary statistics and balance of payments statistics;
– maintains and develops the Credit Register;
– acts as an advisor to the Parliament and Cabinet of Ministers of the Republic of Latvia on monetary policy issues and other issues related to Latvijas Banka's operation.
Latvijas Banka promotes analysis and research of macroeconomic and financial issues, thereby laying a secure foundation for professional activities in these areas. The role of the leading industry expert helps Latvijas Banka raise public awareness of the development of the economy and the monetary system, the current situation and the economic policy being pursued. Latvijas Banka takes an active part in educating the general public on various economic topics.