The Bank of Lithuania is the central bank

Central bank

A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...

 of the Republic of Lithuania

Lithuania

Lithuania , officially the Republic of Lithuania is a country in Northern Europe, the biggest of the three Baltic states. It is situated along the southeastern shore of the Baltic Sea, whereby to the west lie Sweden and Denmark...

. The Bank of Lithuania is a non-Eurozone

Eurozone

The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...

 member of the European System of Central Banks

European System of Central Banks

The European System of Central Banks is composed of the European Central Bank and the national central banks of all 27 European Union Member States.-Functions:...

. The chairman of the bank is Vitas Vasiliauskas.

Primary functions

According to the Bank's official website, the Bank of Lithuania performs these primary functions:

• maintaining price stability.
• issuing Lithuania's currency, the Lithuanian litas
  Lithuanian litas
  The Lithuanian litas is the currency of Lithuania. It is divided into 100 centų...
  
  .
• formulating and implementing the monetary policy.
• determining and announcing the exchange rate of the Lithuanian litas
  Lithuanian litas
  The Lithuanian litas is the currency of Lithuania. It is divided into 100 centų...
  
  .
• acting as an agent of the State Treasury.

Management and structure

The Bank is governed by a board consisting of a chairperson, two deputy chairpersons and two members.

According to The Bank of Lithuania official website, it is managed by eleven departments: Economics, Statistics, Market Operations, Credit Institutions Supervision, International Relations, Payment Systems, Cash, Accounting, Information Technology, General Services and Security; six autonomous divisions (Internal Audit, Legal, Organisation and Personnel, General and Public Relations, Risk Management), and Bank of Lithuania Branches in Kaunas

Kaunas

Kaunas is the second-largest city in Lithuania and has historically been a leading centre of Lithuanian economic, academic, and cultural life. Kaunas was the biggest city and the center of a powiat in Trakai Voivodeship of the Grand Duchy of Lithuania since 1413. During Russian Empire occupation...

 and Klaipėda

Klaipeda

Klaipėda is a city in Lithuania situated at the mouth of the Nemunas River where it flows into the Baltic Sea. It is the third largest city in Lithuania and the capital of Klaipėda County....

.

External links

The Bank of Lithuania