Bank of Lithuania

Central Bank of Lithuania

54°41′10″N 25°17′00″E / 54.68611°N 25.28333°E / 54.68611; 25.28333Established27 September 1922 (1922-09-27)^[1]Ownership100% state ownership^[2]ChairmanGediminas ŠimkusCentral bank ofLithuaniaReserves$1.310 billion^[2]Websitelb.lt

The Bank of Lithuania (Lithuanian: Lietuvos bankas) is the Lithuanian member of the Eurosystem and has been the monetary authority for Lithuania from 1922 to 2014, issuing the Lithuanian litas, albeit with a long suspension between 1940 and 1993. Since 2014, it has also been Lithuania's national competent authority within European Banking Supervision.^[3]

History

The Bank of Lithuania was first established in Kaunas on 27 September 1922.^[1] Its first governor was Vladas Jurgutis.^[1] The first task of the bank was to replace German ostmark and ostrubel, which circulated after the World War I, with a Lithuanian currency litas. In 1931, the bank became a member of the Bank for International Settlements (BIS) organization.^[1]

Primary functions

According to the Bank's official website, the Bank of Lithuania performs these primary functions:

maintaining price stability,
formulating and implementing the monetary policy,
acting as an agent of the State Treasury.

As a member of the European System of Central Banks, the Bank of Lithuania participates in the formulation and implementation of the monetary policy of the eurozone.

Bank leadership

Governors of the Bank of Lithuania:^[4]

Vladas Jurgutis (1922–1929)
Vladas Stašinskas (1930–1939)
Juozas Tūbelis (1939)
Juozas Paknys (1939–1940)

Chairmen of the board of the Bank of Lithuania:^[4]

Bronius Povilaitis (1990)
Vilius Baldišis (1990–1993)
Romualdas Visokavičius (1993)
Kazys Ratkevičius (1993–1996)
Reinoldijus Šarkinas (1996–2011)
Vitas Vasiliauskas (2011–2021)
Gediminas Šimkus (since 2021)

Management and structure

The Bank is governed by a board consisting of a chairperson, two deputy chairpersons and two members.

According to The Bank of Lithuania official website, it is managed by Supervision Service; ten departments: Economics, Statistics, Market Operations, International Relations, Payment Systems, Cash, Accounting, Information Technology, General Services and Security; six autonomous divisions (Internal Audit, Legal, Organisation and Personnel, General and Public Relations, Risk Management), and Bank of Lithuania Branches in Kaunas and Klaipėda.

References

^ ^a ^b ^c ^d "Historical timeline". Bank of Lithuania. Archived from the original on 8 February 2023. Retrieved 7 August 2023.
^ ^a ^b Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
^ "National supervisors". ECB Banking Supervision.
^ ^a ^b "Historical timeline". www.lb.lt. Archived from the original on 25 November 2020. Retrieved 22 March 2020.

External links

The Bank of Lithuania (in Lithuanian and English)

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v t e Central banks of the European Union
Within Eurozone (Members of the Eurosystem)	National Bank of Belgium Croatian National Bank Central Bank of Cyprus Deutsche Bundesbank Bank of Estonia Bank of Finland Banque de France Bank of Greece Central Bank of Ireland Bank of Italy Bank of Latvia Bank of Lithuania Central Bank of Luxembourg Central Bank of Malta De Nederlandsche Bank Oesterreichische Nationalbank Banco de Portugal National Bank of Slovakia Bank of Slovenia Bank of Spain
Outside Eurozone	Bulgarian National Bank Czech National Bank Danmarks Nationalbank Hungarian National Bank National Bank of Poland National Bank of Romania Sveriges Riksbank
Banking-related EU institutions	European Central Bank European System of Central Banks European Investment Bank
Central banks European Union

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