Accountability and transparency policy
In the Constitution of the Republic of Lithuania, the country’s central bank – the Bank of Lithuania – is referred to as one of the most important state authorities. It regularly reports to the Seimas, which founded the Bank of Lithuania. Our organisation also follows the principle of public accountability, key to modern national central banks, ensuring transparency of activities through a constant flow of objective and comprehensive information on the Bank’s activities, explanations of and reasoning behind the decisions taken. Transparency of activities is one of the core values of our institution.
Pursuant to the reporting requirement established in the Law on the Bank of Lithuania, the Bank of Lithuania, within four months after the end of a financial year, has to submit its Annual Financial Statements together with the Auditor’s Report to the Seimas and make them publicly available. The Statements are prepared in accordance with the accounting and financial reporting standards set by the European Central Bank to the Eurosystem members; the Annual Balance Sheet and the Profit and Loss Account are of the same structure as those of other euro area central banks.
Biannually, the Chair of the Board of the Bank of Lithuania presents to the Seimas the Report on the Implementation of the Primary Objective of the Bank of Lithuania, Performance of its Functions and the Situation in the Banking System. Reports are published on the website of the Bank of Lithuania.
Upon a reasoned request of the Seimas Committee on Budget and Finance, the Bank of Lithuania submits confidential information about the implementation of macroprudential policy, necessary to ensure financial stability. To this end, the Chair of the Board of the Bank of Lithuania, once a year, and, in case of a financial crisis, on a more frequent basis, is invited to the hearings of the Committee.
Transparency of our organisation’s activities is ensured by implementing the Communication Policy of the Bank of Lithuania (37.2 KB ). The primary outlet for information on Bank of Lithuania functions, activites and decisions taken is its website: www.lb.lt. To inform the public and different target groups, our organisation also uses social media platforms, prepares and publishes press releases, issues electronic publications in Lithuanian and English, which are available on its website, as well as organises events and tours at the Bank of Lithuania Money Museum.
The Bank of Lithuania publishes and issues its Annual Report, where it provides information on key monetary policy tasks and their implementation, monetary policy operations, financial market supervision, macroprudential policy, and other responsibilities established by law as well as information on the national macroeconomic situation – analysis of developments in the domestic economy and financial markets, the financial health of the Bank and its operating results.
Information on the monthly average salary at the Bank of Lithuania is presented on a quarterly basis.