Latvian central bank will aim to raise level of financial literacy

The Latvian central bank (Latvijas Banka, LB) said December 29 that from 2022 it will be the responsible institution in the field of financial literacy.

"As a result of gradual implementation of preparatory work for the integration of Latvijas Banka and the Financial and Capital Market Commission (FKTK) into a single institution, Latvijas Banka will become the national coordinator for financial literacy issues in Latvia as of 1 January 2022," LB said, defining financial literacy as "the set of knowledge, skills, attitude and behavior needed to make optimal financial decisions, ensure a person's financial security, sustainability and well-being."

Until now, one of the tasks and priorities of FKTK has been to promote financial literacy, leading a working group comprised of 20 private, public and non-governmental sector institutions that have signed a Memorandum of Cooperation for the Implementation of the National Strategy for Financial Literacy in Latvia.

Financial literacy will be the first field to be fully integrated by Latvijas Banka when taking it over from the FKTK. LB will take over the "Naudasprasme" ('Money skill') marketing campaign from FKTK.

More information about the activities aimed at strengthening the knowledge and skills of the population to handle money wisely is available on the website www.finansupratiba.lv or on the Facebook page: https://www.facebook.com/Naudasprasme, as well as in the educational portal www.klientuskola.lv.

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