The management structure of Latvijas Banka comprises:
- the Council of Latvijas Banka, which is a collegial decision-making body that manages Latvijas Banka;
- departments, which are responsible for executing the functions and processes defined for the bank and achieving results in them;
- committees and commissions.
The Council of Latvijas Banka is the main decision-making body of Latvijas Banka. The term of office of the Governor, the Deputy Governors and the other members of the Council of Latvijas Banka is five years.
The membership of the Council of Latvijas Banka at the end of 2023 was:
- Governor Mārtiņš Kazāks;
- Deputy Governors Māris Kālis and Santa Purgaile;
- other members of the Council: Kristīne Černaja-Mežmale, Ilze Posuma, Andris Vilks and Zita Zariņa.
The new Law on Latvijas Banka took effect on 1 January 2023. The law was designed to modernise, enhance and advance the operation of Latvijas Banka for the benefit of the public and Latvian society. The integration into Latvijas Banka of the Financial and Capital Market Commission (FCMC) from January 2023 incorporated nine new departments into the structure of the central bank that execute the supervisory and resolution functions, and it also extended the responsibilities of several existing departments.
Under the Law on Latvijas Banka, two new committees began operating on 1 January 2023:
- the Supervision Committee of Latvijas Banka, which is responsible for taking decisions about supervising the financial market and participants in it;
- the Resolution Committee of Latvijas Banka, which is responsible for taking decisions about applying resolution and compensation disbursement schemes.
The Consultative Financial Market Council of Latvijas Banka also began operating on 1 January 2023 as a consultative body with the role of promoting engagement from the financial market participants supervised by Latvijas Banka in regulation and supervision of the financial market and participants in it, and in the application of resolution and the implementation of compensation disbursement schemes. This previously functioned under the umbrella of the FCMC, but since the change it has been composed of delegates sent by associations of the financial market participants supervised by Latvijas Banka, and three representatives of Latvijas Banka.
Meanwhile the Sustainability Committee of Latvijas Banka was established on 3 April 2023 with the objective of ensuring strategic management of Latvijas Banka's progress towards sustainability and monitoring the execution of measures taken to promote sustainability.