Bank of Lithuania
Lietuvos bankas (in Lithuanian)


Headquarters	Vilnius
Coordinates	54°41′10″N 25°17′00″E / 54.68611°N 25.28333°E / 54.68611; 25.28333
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 (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]

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

External links

Central banks

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

Central banks of the European Union

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

Lithuania articles

History

Early	Balts Lithuania proper Lithuania Minor Grand Duchy 1219–1295 Duchy Kingdom Christianization Polish–Lithuanian Commonwealth Lithuanian Crusade
Revival and independence	Press ban National Revival Great Seimas of Vilnius Amber Declaration Act of Independence Wars of Independence Lithuanian–Soviet War Polish–Lithuanian War 1919 Polish coup d'état attempt 1926 coup d'état
WWII and occupations	Occupation of the Baltic states by the Soviet Union (1940) by Nazi Germany by the Soviet Union (1944) Holocaust Resistance Second Soviet republic Guerrilla war Lithuanian partisans Baltic states under Soviet rule (1944–1991) Government-in-exile
Restoration	Reform Movement (Sąjūdis) Singing Revolution Baltic Way Act of Re-Establishment Soviet economic blockade of Lithuania January Events 2003 Lithuanian European Union membership referendum EU accession

Geography

Politics

Administrative divisions counties municipalities elderships Constitution Constitutional Court Elections Foreign relations Government Prime Minister Law Law enforcement Human rights LGBT Political parties President Seimas parliament Speaker
Military	Land Force Naval Force Air Force Special Operations Force

Economy

Agriculture
Banks
- Central bank
e-Residency
Energy
Euro
Telecommunications
Transport
- airports
- rail
- roads
- seaport
Tourism

Society

Demographics Education universities Ethnic minorities Ethnographic regions Health Language Lithuanians Religion
Culture	Calendar Cinema Cuisine Cultural history Cultural regions Ethnographic Lithuania Literature Music Design Mythology Name Public holidays Sport Symbols anthem coat of arms flag

Authority control databases

History

Primary functions

Bank leadership

Management and structure

See also

References

External links