Published: 18.02.2018

Latvijas Banka continues its business as usual, i.e., maintaining the infrastructure of interbank payment systems, ensuring cash to the economy, businesses and general public, managing currency and gold investments, to the full extent and according to the best quality standards.

Pursuant to Article 21 of the Law on Latvijas Banka, Latvijas Banka is administered by the Council and the Board of Latvijas Banka. The Council of Latvijas Banka consists of six members, and, during the absence of the Governor, his duties are performed by the Deputy Governor. The Council of Latvijas Banka will continue to take decisions, whereas the Board continues to manage the operations of the national central bank.

Members of the Council and of the Board of Latvijas Banka ensure uninterrupted functioning of the national central bank, inter alia, in cooperation and in consultation with the Latvian government, the Financial and Capital Market Commission, the Ministry of Finance, the European Central Bank and international partners.

We want to reiterate that the performance of tasks entrusted to Latvijas Banka is not affected, and tomorrow the national central bank will resume its activities in the usual routine. This also means that all usual services will be provided to businesses and the general public and also to the Latvian economy in general.

Latvijas Banka carries out the following tasks:

  • 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 (including the infrastructure for instant payments) 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 is not in a position to provide any comments on the investigation activities carried out by the Corruption Prevention and Combatting Bureau of Latvia (KNAB). At the same time, we would like to stress that in our work we follow a zero tolerance policy in respect of corruption and other illicit activities and, as in the past, we will continue to ensure all possible assistance to law enforcement authorities in order to facilitate a quicker clarification of the current situation.