Published: 02.01.2019

Be the leading economic and financial competence centre in Latvia

In pursuit of Latvijas Banka's principal objective of maintaining the price stability, participate in the shaping and implementation of the Eurosystem's monetary policy and be the leading economic and financial competence centre in Latvia, contributing to analysis-based decisions focussed on sustainable economic development and maintaining the stability of the financial system.

Belonging to a family of economically advanced countries with a reliable and stable currency, the euro, that is widely used in international payments provides significant stability guarantees and development opportunities to Latvia's economy. Yet Latvia's economy could benefit even more from its euro area membership through skilful coordination of various economic policies and their alignment with the long-term development objectives.

Being a member of the Eurosystem, Latvijas Banka contributes to the shaping and implementation of a stability-oriented euro area's monetary policy. At the same time, Latvijas Banka, in its capacity as an adviser to the Parliament and the government, actively participates in economic policy-making expressing analysis-based opinion and providing economic policy proposals aimed at coordination of various economic policy levers and decisions, thereby supporting sustainable development of Latvia's economy. With its bird's eye perspective on the interaction of the financial sector and economic processes, Latvijas Banka helps the competent authorities to successfully implement a policy that promotes the overall stability of Latvia's financial system.

Latvijas Banka is constantly developing its research capacity and modelling tools, in order to ensure high-quality and independent analytical vision on monetary and economic policy-making. Latvijas Banka is an opinion leader concerning monetary and macroeconomic issues in Latvia, strengthening its expert role and influence in Latvia as well as on an international scale.

Promote the development and availability of safe, effective and innovative payment infrastructure and services in Latvia

An effective and safe payment infrastructure is a prerequisite for ensuring currency circulation in the interests of the public as a whole. Skilful use of innovations in payment services serves as a basis for ensuring the availability of modern, user-friendly and effective (including cost-effective) payment services to the public. When developing its payment infrastructure and educating the public in the use of the latest financial technologies, Latvijas Banka promotes the development of innovative payment services and a wider use of payment products.

Educate the public on economic and financial issues

Public understanding of important economic and financial issues serves as a basis for adopting high-quality decisions focussed on sustainable economic development and public welfare. Public understanding of economic issues and financial literacy are important in the context of monetary policy, with economic agents shaping their expectations of the future economic and price developments and responding to economic and monetary policy decisions in line with those expectations. Using its expertise, Latvijas Banka contributes to improving the knowledge and understanding of the general public, starting from school age, in the field of economics and finance, thereby improving the ability of economic agents to do business as well as understand the economic processes and critically assess economic policy decisions.

Be a modern, transparent and effective national central bank

When organising its work, Latvijas Banka uses solutions providing maximum benefit to the public as a whole. Latvijas Banka is transparent and accessible to general public, it promotes an open discussion and provides an argument-based opinion. Latvijas Banka uses its resources in an efficient manner effectively implementing its tasks and organising work processes, it provides motivation to staff, improves their knowledge and skills and develops the abilities to perform their tasks more effectively, skilfully introduces and uses innovations.