# Bank of Latvia

> central bank

**Wikidata**: [Q687709](https://www.wikidata.org/wiki/Q687709)  
**Wikipedia**: [English](https://en.wikipedia.org/wiki/Bank_of_Latvia)  
**Source**: https://4ort.xyz/entity/bank-of-latvia

## Summary
The Bank of Latvia is the central bank of Latvia, responsible for managing the country's currency, money supply, and interest rates. Established in 1922, it operates as part of the European System of Central Banks and is headquartered in Riga, the capital city of Latvia.

## Key Facts
- Founded on September 7, 1922, as the central bank of Latvia
- Also known as "Latvijas Banka" and "National Bank of Latvia"
- Official website: https://www.bank.lv/
- Located in Riga, the capital and largest city of Latvia
- Member of the European System of Central Banks since 1999
- Current governor is Mārtiņš Kazāks, a Latvian economist born in 1973
- Classified as a financial institution that accepts deposits and a public institution managing currency and monetary policy

## FAQs
**What is the Bank of Latvia?**
The Bank of Latvia is the central bank of Latvia, established in 1922 to manage the country's currency, money supply, and interest rates. It operates as part of the European System of Central Banks and is headquartered in Riga.

**Who is the current governor of the Bank of Latvia?**
Mārtiņš Kazāks, a Latvian economist born in 1973, currently serves as the governor of the Bank of Latvia.

**Where is the Bank of Latvia located?**
The Bank of Latvia is headquartered in Riga, the capital and largest city of Latvia, which was founded in 1201.

**What organizations is the Bank of Latvia affiliated with?**
The Bank of Latvia is a member of the European System of Central Banks, an EU executive body established in 1999.

## Why It Matters
The Bank of Latvia plays a crucial role in Latvia's financial stability and economic development by managing monetary policy, issuing currency, and maintaining price stability. As a member of the European System of Central Banks, it contributes to the broader European monetary policy framework while serving Latvia's specific economic needs. The bank's operations directly impact Latvian businesses, consumers, and the overall economic environment, making it a cornerstone institution for the country's financial system.

## Notable For
- Being Latvia's primary monetary authority since 1922
- Managing Latvia's transition to the Euro currency
- Maintaining price stability and financial system integrity
- Contributing to European monetary policy through the European System of Central Banks
- Preserving Latvia's financial sovereignty while participating in European monetary union

## Body
### History and Establishment
The Bank of Latvia was established on September 7, 1922, during Latvia's first period of independence. The bank was created to serve as the country's central monetary authority, taking over responsibilities for currency issuance and monetary policy from previous financial institutions. Throughout Latvia's complex 20th-century history, including periods of Soviet occupation and renewed independence, the bank has maintained its role as the nation's central financial institution.

### Location and Headquarters
The Bank of Latvia is headquartered in Riga, the capital and largest city of Latvia. Riga, founded in 1201, serves as the country's political, economic, and cultural center. The bank's location in the capital city places it at the heart of Latvia's financial district and government institutions, facilitating coordination with other financial and regulatory bodies.

### Organizational Structure and Governance
The Bank of Latvia operates under the governance of its governor, currently Mārtiņš Kazāks, who was born in 1973 and is a Latvian economist by profession. The governor is responsible for leading the bank's operations and representing Latvia in European Central Bank meetings and other international financial forums.

### European Integration
As a member of the European System of Central Banks (ESCB), established in 1999, the Bank of Latvia participates in the formulation and implementation of European monetary policy. This membership connects Latvia's monetary policy to the broader European framework while allowing the bank to maintain certain national responsibilities. The ESCB serves as an EU executive body that coordinates the activities of national central banks across Europe.

### Functions and Responsibilities
The Bank of Latvia performs all traditional central bank functions, including managing Latvia's currency (currently the Euro), controlling money supply, setting interest rates, and maintaining financial stability. The bank also supervises payment systems, manages foreign reserves, and acts as a lender of last resort to commercial banks in Latvia.

### Relationship with Other Financial Institutions
The Bank of Latvia maintains close relationships with other financial institutions both within Latvia and internationally. It works in coordination with commercial banks operating in Latvia, regulatory bodies, and international financial organizations. The bank's membership in the European System of Central Banks ensures alignment with European monetary policy while allowing for national-level implementation.

### Economic Impact
The Bank of Latvia's policies and decisions have significant impacts on Latvia's economy, affecting everything from inflation rates to lending conditions for businesses and consumers. The bank's management of monetary policy helps maintain price stability, which is crucial for economic growth and investment in Latvia. Its role in the European monetary system also affects Latvia's trade relationships and economic integration with other European Union member states.

## References

1. [Latvijas Banka. Global Legal Entity Identifier Foundation](https://search.gleif.org/#/record/H0HWWEVOF2OSX76KYU55)
2. Global LEI Index
3. Virtual International Authority File
4. CiNii Research
5. [Global Legal Entity Identifier Foundation](https://search.gleif.org/#/search/fulltextFilterId=LEIREC_FULLTEXT&simpleFilters%5Bentity.addresses.country%5D=LV)
6. [Source](https://www.isi-web.org/index.php/about-isi/who-is-isi/members/organizational)
7. Freebase Data Dumps. 2013
8. Register of Enterprises of the Republic of Latvia
9. GRID Release 2019-10-06
10. Aligned ISNI and Ringgold identifiers for institutions