Latvian central bank publishes annual report

Latvia's central bank, Latvijas Banka (LB) has published its annual report for 2018, and while it proved to be an exceptionally turbulent one as far as its leadership was concerned, the financial figures and its various competencies appear to have remained sound.  

The Council of Latvijas Banka has approved the Annual Report of Latvijas Banka for 2018. Apart from the financial statements and positive independent auditors' report, it provides an overview of the economic environment and economic development in Latvia and the euro area as well as information on the operation of the national central bank and the work done in the areas of its responsibility: participation in the formulation and implementation of the Eurosystem's monetary policy; economic analysis and research; management of foreign reserves and other financial investments; ensuring cash circulation; maintaining the interbank payment systems' infrastructure; compiling and publishing statistics; maintaining the Credit Register, etc.

"In 2018, Latvijas Banka focused its work on further development of several significant projects, and in the last months of the year, already over 90% of the customers of Latvian credit institutions had access to instant interbank payments at any time of day or night, including weekends and holidays," LB said.

"In 2018, the role of Latvijas Banka as the Baltic regional cash storage and processing center was strengthened, the operation of the Credit Register was improved, and other activities were implemented," it added.

The central bank turned a profit of 14.6 million euros, 70% of which has been transferred to the central government budget and the remainder to LB's capital reserves.

The annual report and financial statements can be read online at www.bank.lv.

The figures show that total remuneration to the board and council of the central bank actually dropped from 955,000 euros in 2017 to 880,000 in 2018. Remuneration for other grades of staff remained about the same at around 16.6 million euros in total, though the number of staff on the payroll declined slightly from 528 at the end of 2017 to 498 at end of 2018.

 

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