In line with the amendments to the Law on Latvijas Banka passed by the Parliament of the Republic of Latvia, Latvijas Banka is switching to a single-tier management model as of today, ensuring more effective management decision-making and information exchange.
Up until now, Latvijas Banka had a two-tier management structure: the Council of Latvijas Banka passed decisions on behalf of Latvijas Banka, whereas the Board of Latvijas Banka was responsible for the practical implementation and operational management, executing the decisions made by the Council of Latvijas Banka.
The amendments provide for management changes and discontinue the operation of the Board of Latvijas Banka. Consequently, all decisions, except those within the competence of Governor of Latvijas Banka, will be made by the Council of Latvijas Banka.