Bank of Lithuania

Bank of Lithuania
Lietuvos bankas (in Lithuanian)
	Head office in Vilnius,; former seat of Vilnius Land Bank
Headquarters	Vilnius
Coordinates	54°41′10″N 25°17′00″E / 54.68611°N 25.28333°E
Established	27 September 1922
Ownership	100% state ownership
Chairman	Gediminas Šimkus
Central bank of	Lithuania
Reserves	$1.310 billion
Website	lb.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, albeit with a long suspension between 1940 and 1993. It issued the Lithuanian litas between 1922 and 1940, the Lithuanian talonas in 1991-1993,^{[citation needed]} then a second litas from 1993 to 2014. Since 2015, 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)

This European bank or insurance-related article is a stub. You can help Wikipedia by expanding it.

This Lithuanian corporation or company article is a stub. You can help Wikipedia by expanding it.

[lb-history-1] "Historical timeline". Bank of Lithuania. Archived from the original on 8 February 2023. Retrieved 7 August 2023.

[dnbinfo-2] Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.

[3] "National supervisors". ECB Banking Supervision.

[bankhistory-4] "Historical timeline". www.lb.lt. Archived from the original on 25 November 2020. Retrieved 22 March 2020.

[1]

[2]

[3]

[4]

v t e Central banks
Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board
Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel Accords
Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund
Bretton Woods system	International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency
Lists	List of central banks Central banks and currencies of Africa Central banks and currencies of Asia-Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of the Americas

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

Authority control databases
International	ISNI VIAF
National	Israel United States