During this year's light festival Staro Rīga 2018, for the first time in the history of the festival, the facade of Latvijas Banka's central building at K. Valdemāra iela 2A will also be illuminated. From 16 November to 19 November 2018, from 5.00 p.m. to 11 p.m., festival visitors will be able to hear and watch one of the stories dedicated to the celebrations of Latvia's centenary projected on Latvijas Banka's building. It will be an emotional and informative message concerning the history, present and future of the Republic of Latvia, its financial system and the national central bank.
Latvijas Banka has been an active participant in the events included in Latvia's centenary celebration programme by contributing contents consistent with its role: it has researched various significant developments in the financial history of Latvia and assessed the contribution of outstanding personalities, issuing commemorative and collector coin series and single coins dedicated to the establishment of the independent state as well as engaging in other activities, including the festival of light Staro Rīga 2018. The events programme for Latvia's centenary is based on the concept of involving the general public, each individual and institution in the process of creating the celebrations and the associated long-lasting values.
Latvijas Banka will conclude Latvia's centenary celebrations by marking the 100th anniversary of the national central bank on 1 November 2022.
During the Staro Rīga 2018 festival, a 3D projection will tell the exciting story of Latvia's national central bank: the circumstances, powers and developments resulting in the birth of the Latvian state and subsequently, naturally, also its financial system; the present-day and future role of Latvijas Banka in the lives of every one of us; the relationship of the national poet Rainis with gold and the symbol sometimes affectionately called Milda.
The splendid visualisation, a true feast for the eyes, ears and imagination, reflecting on one of the cornerstones of our state will be presented on the facade of the national central bank building at K. Valdemāra iela 2A (facing Riga Castle park). The author of this artwork in light is Māris Kalve, an experienced director, scriptwriter, author of concepts and digital animations.
This is already the eleventh Staro Rīga festival of light illuminating the capital and congratulating Latvia on its birthday. Unique light art installations are arranged at various locations across the city during the Staro Rīga festival. These are various technique artworks and light performances displayed on the facades of buildings, in city squares and parks and encouraging everyone to look at familiar places in Riga city in a new light. This year the festival is held from 16 November to 19 November and the central theme is "Up rose the Castle of Light". The festival is supported by the Ministry of Culture of the Republic of Latvia and Riga City Council and organised by the Education, Culture and Sports Department of the Riga City Council.
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.
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.