Today, on 19 December, the Saeima failed to elect the Governor of Latvijas Banka. To ensure the continuity of Latvijas Banka's operations, Deputy Governor Māris Kālis will assume the Governor's duties from 21 December until the commencement of the new Governor's term. This decision was made by the Saeima today.
The Saeima is expected to decide on the Governor of Latvijas Banka after the turn of the year. Until then, Latvia does not have voting rights in the Governing Council of the European Central Bank.
For the outgoing Governor, Mārtiņš Kazāks, 20 December is his last day in office.
According to the Law on Latvijas Banka, the central bank is managed by the Council, including the Governor of Latvijas Banka and two deputies. The term of office for the Governor of Latvijas Banka is five years, and this position can be held for no more than two consecutive terms.