Accountability and transparency

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. The Bank of Lithuania regularly reports to the Seimas, which is its founder. 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 Republic of Lithuania 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.