Today the Council of Latvijas Banka has approved the Statistical Programme of Latvijas Banka for 2017 and outlined the plans for work in the field of statistics in the medium term (2018–2020).
The Statistical Programme of Latvijas Banka for 2017 aims to provide information on the key tasks of Latvijas Banka in the field of statistics in 2017, types of statistics collected by the central bank for pursuing its tasks, the legal framework, frequency and deadlines for compilation of these statistics, as well as on providers and main users of the respective statistical data. The programme also contains information on the statistics Latvijas Banka makes public pursuant to laws of the Republic of Latvia and to ensure continuity of publication of important time series or more user-friendly access to important information made public by the European Central Bank.
The medium-term statistical work programme of Latvijas Banka for 2018–2020 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.
The European Union Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank sets out that the European System of Central Banks (ESCB) follows the principle of professional independence in the fulfilment of its tasks. One of the performance indicators of 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 Latvijas Banka produces pursuant to the Law on Latvijas Banka. Thus, 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, gathering, 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 2017 and the medium-term statistical work programme of Latvijas Banka for 2018–2020 – will be published in their entirety on the website of Latvijas Banka at www.bank.lv (https://www.bank.lv/en/about-us/tasks/tasks-statistics/statistical-programme).
Latvijas Banka is the central bank of Latvia - an independent institution and a member of the Eurosystem. The primary objective of Latvijas Banka is the same as that of the central banks of other euro area countries and the European Central Bank – price stability (inflation rates below, but close to, 2% over the medium term). This is an essential precondition for a strong and growth-oriented economy. To achieve that, Latvijas Banka participates in the formulation of the Eurosystem's monetary policy, related decision-making and implementation.
Furthermore, acting in the public and economic interests, Latvijas Banka carries out the following main tasks within the Eurosystem:
– manages foreign reserves;
– issues cash in Latvia and participates in ensuring the cash circulation process in the euro area;
– promotes smooth operation of the payment systems;
– compiles financial and monetary statistics, as well as balance of payments statistics;
– maintains and develops the Credit Register.
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 enhance the public understanding of the fundamentals of the economy and the monetary system and the current situation. Latvijas Banka takes an active part in promoting economic education among the general public.