The Chair of the Board may serve an unlimited number of terms. The Deputy Chairs and Members of the Board can hold their respective positions for no more than two consecutive terms.
In their roles, the Members of the Board and all employees of Lietuvos bankas adhere to the principle of independence. They are prohibited from taking instructions from Lithuanian institutions, the European Union, or other national governments.
Functions and activities of the Board
The Board of Lietuvos bankas is responsible for making all key decisions regarding the operations of Lithuania’s central bank. Board meetings are held at least once a month.
The primary functions of the Board include:
- Implementing macroprudential policy measures to safeguard Lithuania’s financial stability
- Defining financial market supervision policy
- Issuing, suspending, or revoking licenses and other types of authorisation for financial market participants
- Addressing operational deficiencies and non-compliance by imposing sanctions, issuing instructions, and mandating corrective actions for supervised entities
- Making decisions on the resolution of financial sector entities and initiating bankruptcy proceedings when necessary
- Overseeing the day-to-day operations of Lietuvos bankas, including approving the organisational structure, financial accounting policy, and budget
- Deciding on the issuance and withdrawal of banknotes and coins, along with other matters related to cash circulation
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Areas overseen by the Members of the Board
Chair of the Board Gediminas Šimkus oversees:
- Economic and monetary policy implemented by the Monetary Policy Division of the Economics Department
- Organisational management (administration) implemented by the Strategy and Governance Department and the Internal Audit Division
Deputy Chair of the Board Julita Varanauskienė oversees:
- Economic and monetary policy implemented by the Economics Department
- Financial asset management and market operations
- Supervision implemented by the Prudential Supervision Department
- Research
Deputy Chair of the Board Vaida Markevičienė oversees:
- Supervision implemented by the Financial Market Supervision Department and the Legal and Licensing Department
- Organisational management (administration) implemented by the Centre for Financial Literacy and the Climate Change Centre
Member of the Board Marius Skuodis oversees:
- Financial stability
- Organisational management (administration) implemented by the Corporate Services Department, the Money Museum of the Strategy and Governance Department, and the Centre for Financial Market Development
- Cash
Member of the Board Evaldas Ruzgys oversees:
- Payment instrument policy and payment systems
- Data and statistics
- Organisational management (administration) implemented by the IT Department and the Centre for Digital Excellence
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