"Latvijas Banka represents Latvia's interests in foreign central banks and international financial institutions and closely cooperates with the central banks of the Nordic and Baltic countries.
Thus, we are deeply integrated and united with other institutions in making important decisions for the Republic of Latvia."
Latvijas Banka is the representative of the Republic of Latvia in foreign central banks and international financial institutions. Latvijas Banka may participate in operations of other international financial and credit organisations consistent with its objectives and tasks.
Latvijas Banka continued to represent Latvia’s interests at the meetings of the IMF Board of Governors as well as participated in the coordination of operational issues. Priorities of the IMF policy were mainly related to developments in the global economy and the financial system. Also in 2022, the IMF focused particularly on the crisis caused by the Covid-19 pandemic, the subsequent energy crisis trigged by Russia’s invasion of Ukraine, the problems of global supply chains, high inflation and the need determined by these factors to provide financial assistance to more than 90 countries of the world. The financial assistance instruments were improved for this purpose, including to reduce the burden of debt servicing costs on poor countries. The development of a comprehensive strategy was launched to support emerging market economies, given their already high debt levels. Discussions also continued on the IMF resources, challenges related to climate change and inequality.
Latvia’s interests in the IMF were represented in the Nordic-Baltic Constituency that includes Denmark, Estonia, Iceland, Latvia, Lithuania, Norway, Finland and Sweden. One Executive Director represented this constituency on the IMF Executive Board, with a total of 3.3% votes.
Conference of Latvijas Banka “Sustainability and Money: Shaping the Economy of the Future”
In 2022, cooperation with the IMF continued, based on consultations under Article IV of the IMF Articles of Agreement. Latvijas Banka also coordinated the involvement of Latvian institutions in the IMF’s regional (Nordic and Baltic countries) Anti-Money Laundering Assessment Project. The planned project closing date is the autumn of 2023.
In 2022, Latvijas Banka continued its membership in the Bank for International Settlements (BIS).
Latvijas Banka actively participated in the work of the Eurosystem “Innovation Forum” (Innov8), as well as in the work of the BIS Innovation Network, in which an expert of Latvijas Banka participates in the High- Level Task Force on Central Bank Digital Currency.
Cooperation between the central banks of the Nordic and Baltic countries also continued, with the discussions on topical issues relevant for central banking. As part of the long-term cooperation between the central banks of the Baltic States, seminars and high-level meetings for experts were organised in Riga.
