Bank of Lithuania
| File:Bank of Lithuania logo.svg Logo of the Bank of Lithuania | |
| Company type | Central bank |
|---|---|
| Industry | Banking, Financial services |
| Founded | September 27, 1922 in Kaunas, Lithuania |
| Headquarters | Vilnius , Lithuania |
Key people | Gediminas Šimkus (Chairperson) |
| Products | Monetary policy, Currency issuance, Banking supervision |
| Parent | Eurosystem |
| Website | www |
The Bank of Lithuania () operates as the central bank of Lithuania and is a participant in the Eurosystem. Founded in 1922, it functioned continuously until 1940 when operations were halted, resuming again in 1993 and continuing until 2014. Throughout its history, it was responsible for issuing the Lithuanian litas (1922–1940), the Lithuanian talonas (1991–1993), and a renewed series of the litas (1993–2014). Since 2015, it has served as Lithuania's designated authority for European Banking Supervision.
History
The institution was established on 27 September 1922 in Kaunas, with Vladas Jurgutis appointed as its inaugural governor. Its original objectives involved substituting the German ostmark and ostrubel currencies with the Lithuanian litas and fostering economic growth by extending short-term loans to industrial and agricultural sectors. In 1931, the bank became a member of the Bank for International Settlements (BIS).
Primary functions
Key responsibilities of the Bank of Lithuania encompass ensuring price stability, developing and executing monetary policy, and representing the State Treasury in financial matters. As part of the European System of Central Banks, it contributes to both the design and implementation of monetary policy within the eurozone.
Bank leadership
Governors who have led the Bank of Lithuania include:
- Vladas Jurgutis (1922–1929)
- Vladas Stašinskas (1930–1939)
- Juozas Tūbelis (1939)
- Juozas Paknys (1939–1940)
Board chairpersons have been:
- Bronius Povilaitis (1990)
- Vilius Baldišis (1990–1993)
- Romualdas Visokavičius (1993)
- Kazys Ratkevičius (1993–1996)
- Reinoldijus Šarkinas (1996–2011)
- Vitas Vasiliauskas (2011–2021)
- Gediminas Šimkus (from 2021 onward)
Management and structure
The governance framework consists of a board led by a chairperson, supported by two deputy chairpersons and two additional members. The organizational structure includes a Supervision Service; ten specialized departments responsible for areas such as Economics, Statistics, Market Operations, International Relations, Payment Systems, Cash Management, Accounting, Information Technology, General Services, and Security; along with six independent divisions focusing on Internal Audit, Legal Affairs, Human Resources and Organisation, Public Relations, and Risk Management. Additionally, the bank maintains regional offices located in Kaunas and Klaipėda.