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
