LB said it had achieved a "neutral financial result" in 2022, generating neither profit nor loss.
The bank explained: "Considerable uncertainty prevailed in many areas, and the war waged by Russia in Ukraine heavily affected the global economy" and also cited factors such as the recovery from Covid-19 restrictions, soaring energy and food prices and rising interest rates as part of the reason no profits were made.
"The need to change the monetary policy stance also leads to a significant fall in income incurred by national central banks, and it is expected that the financial performance results of many national central banks will remain low over the coming years," LB said.
"At the same time, it should be taken into account that the core task of national central banks is to implement monetary policy rather than generate profit," it said.
In 2022, the number of instant payments processed in Latvijas Banka's instant payment service multiplied by 2.6, reaching 16.2 billion euro.
"One of our priorities is to ensure the breakthrough needed for the Latvian economy to grow. We intend to work in a number of areas: disentangle the knot of lending problems, set and implement ambitious objectives in the field of capital market development, design modern services and develop state-of-the-art possibilities helping the Latvian economy to operate more successfully," said Mārtiņš Kazāks, Governor of Latvijas Banka.
The full report is available online at: https://gadaparskats.latvijasbanka.lv/
The central bank also released this video of Kazāks striding through the impressive halls and corridors of the institution before providing a summary of the year.