Members of the Board of the Bank of Lithuania
The Chair is appointed for a term of five years by the Seimas upon nomination by the President of the Republic. The total number of terms of office is unlimited. The President appoints the Members of the Board to their respective positions for no more than two consecutive terms. The duration of their term of office is six years (prior to April 2011 – nine years).
Currently, the Board comprises Vitas Vasiliauskas, Chairman of the Board, Raimondas Kuodis, Deputy Chair of the Board, Tomas Garbaravičius and Marius Jurgilas, Members of the Board.
In implementing specific objectives, fulfilling their functions and carrying out certain activities, Members of the Board of the Bank of Lithuania, as the organisation’s other employees, follow the principle of independence established in the Law on the Bank of Lithuania. The Law stipulates that the Government of the Republic of Lithuania and state institutions must respect the independence of the Bank of Lithuania and not seek to influence the Bank of Lithuania and its staff in discharge of their duties. They must not take instructions from EU institutions and other national governments.