Bank of Lithuania

The Bank of Lithuania is the central bank of the Republic of Lithuania. The Bank of Lithuania is a non-Eurozone member of the European System of Central Banks. Its principal objective is to maintain price stability. In seeking its principal objective, the Bank of Lithuania is independent from the Government of the Republic of Lithuania or other institutions of the state.

In implementing the primary objective, the Bank of Lithuania performs the following functions:

• issuing the currency of the Republic of Lithuania;
• formulating and implementing monetary policy;
• determining the litas exchange rate regulation system and announcing the official exchange rate of the litas;
• managing, using and disposing of foreign reserves of the Bank of Lithuania;
• acting as a State Treasury agent;
• issuing and revoking licenses of credit institutions of the Republic of Lithuania and permissions for the establishment and operation of branches and representative offices of credit institutions of foreign states, supervising their activities and establishing the principles and procedures for financial accounting and reporting;
• developing and managing an inter-bank funds tranfer system and establishing the requirements for the participants of the inter-bank funds transfer system;
• collecting monetary, banking and balance of payments statistics, as well as data on Lithuanian financial and related statistics, implementing standards on the collection, reporting and dissemination of such statistics and compiling the balance of payments of the Republic of Lithuania;
• establish principles and procedures for financial accounting and reporting of credit institutions of the Republic of Lithuania and branches of credit institutions of foreign states operating in the Republic of Lithuania;
• encourage stable and efficient operation of payment and securities settlement systems.