Bank_of_Lithuania
Bank of Lithuania
Central Bank of Lithuania
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]
| Headquarters | Vilnius |
|---|---|
| Coordinates | 54°41′10″N 25°17′00″E |
| Established | 27 September 1922 (1922-09-27)[1] |
| Ownership | 100% state ownership[2] |
| Chairman | Gediminas Šimkus |
| Central bank of | Lithuania |
| Reserves | $1.310 billion[2] |
| Website | lb.lt |
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]
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.
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)
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.
- "Historical timeline". Bank of Lithuania. Archived from the original on 8 February 2023. Retrieved 7 August 2023.
- Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
- "National supervisors". ECB Banking Supervision.
- "Historical timeline". www.lb.lt. Archived from the original on 25 November 2020. Retrieved 22 March 2020.
- The Bank of Lithuania (in Lithuanian and English)
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