National Bank of Latvia


Address: K. Valdemara iela 2A, LV-1050, Riga, Latvia
Telephone: (+371) 6702 2300
Fax: (+371) 6702 2420
Email: info@bank.lv
Website: http://www.bank.lv/



Description:

The National Bank of Latvia is the central bank of Latvia. It is one of the key public institutions and carries out economic functions as prescribed by law. The principal objective of the Bank of Latvia is to regulate currency in circulation by implementing monetary policy to maintain price stability in Latvia. It is responsible for issuing coins and banknotes in the Latvia's currency the Lats.

The Bank of Latvia's functions are set out in the Republic of Latvia Law "On the Bank of Latvia".

Among the most important objectives of the national central bank are the following:

  • to establish and implement monetary policy in order to ensure price stability in the country;
  • to issue the national currency;
  • to organise and ensure the functioning of the payment and settlement systems in Latvia;
  • to collect, record and aggregate the financial information and the data of the national payment balance, as well as to publish the processed statistical information;
  • to manage foreign assets;
  • to act as financial agent for the government.
  • to issue permits (licences) to legal persons listed in the Republic of Latvia Register of Enterprises, except credit institutions, for   the purchase and sale of foreign currency as a business activity.

The Bank of Latvia represents the Republic of Latvia in foreign central banks and international currency institutions. The Bank of Latvia also consults the Parliament and the Cabinet of Ministers on monetary policy issues.

The Law "On the Bank of Latvia" establishes that part of the Bank of Latvia's annual profit, calculated by applying the tax rate set for residents by the Law "On Enterprise Income Tax", and a payment in the amount of 15 per cent of the profit earned during the reporting year for the usage of State capital shall be transferred to the State budget.

The Bank of Latvia is an independent entity that carries out its tasks in the public interest and with a high sense of professional responsibility. It is a full-fledged participant in the European System of Central Banks and cooperates with other institutions of the European Union, developing stable and favourable environment for the economic growth of Latvia.

The objective of the operation of the Bank of Latvia as the central bank is price stability promoting Latvia's long-term economic growth.

The Bank of Latvia is an active and responsible participant of the European System of Central Banks, promoting integration and stability of the financial systems of Latvia and other EU countries.

The Bank of Latvia raises the level of Latvian general public's perception of economic issues, promoting understanding and credibility.

The Bank of Latvia operates effectively in a professional manner ensuring high quality, risk management and business continuity.

The Bank of Latvia is a reliable cooperation partner.

Their employees are of utmost value to them. They maintain a safe and healthy working environment. Employee motivation, creative approach and responsibility are essential preconditions for successful operation of the Bank of Latvia.

In its employees, the Bank of Latvia highly values the following:

  1. orientation towards service quality and result;
  2. use of high technologies and corporate government principles;
  3. teamwork and maintaining favourable working environment;
  4. professionalism:
    • quality performance of tasks, meeting the deadlines,
    • initiative,
    • ability to identify drawbacks, inform about them or correct them if the person himself/herself can do it,
    • ability and willingness to admit one's mistakes and correct them,
    • application of the principles of best practice,
    • ability to be prudent and risk-appraising when making decisions,
    • ability to safeguard information,
    • willingness to acquire knowledge and ability to be flexible regarding reasonable changes,
    • ability to be part of the team and share know-how and experience with colleagues;
  5. ethical attitude towards work and colleagues:
    • intelligence in mutual relationships,
    • honesty,
    • good fellowship,
    • respectful attitude and behaviour and no discrimination on the basis of nationality, gender, religion and opinions,
    • awareness of the special responsibility and the importance of the duties of the employees of the central bank in order to promote the Bank of Latvia's credibility;
  6. civic qualities: patriotism and sense of duty towards the country and its people.



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