We actively participate in over 150 committees, working groups, and subgroups established by the Council of the European Union, the European Commission, the European Systemic Risk Board, and the European System of Financial Supervision. The most important of these bodies are the Economic and Financial Affairs Council (Ecofin Council), the Economic and Financial Committee, and the European Systemic Risk Board.
At the global level, Lietuvos bankas represents Lithuania at the International Monetary Fund (IMF), participates in the work of the Bank for International Settlements (BIS) and the Organisation for Economic Cooperation and Development (OECD). Our bilateral and multilateral engagements with financial institutions worldwide further enhance these efforts.
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Lietuvos bankas and the Ecofin Council
The Chair of the Board of Lietuvos bankas, alongside the Minister of Finance, attends informal meetings of the Ecofin Council, which is responsible for EU policy in the areas of economic policy, taxation issues and the regulation of financial services.
The informal meetings are held semi-annually and chaired by the EU Council presidency.
Lietuvos bankas and the European System of Financial Supervision
Lietuvos bankas actively participates in the European System of Financial Supervision, which oversees prudential supervision across the EU. This system comprises the European Systemic Risk Board (responsible for macroprudential oversight of financial systems in EU Member States) as well as the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational Pensions Authority (responsible for microprudential supervision of financial institutions operating in Europe).
The Chair of the Board of Lietuvos bankas is a member of the European Systemic Risk Board with a voting right. As a rule, the General Board meets four times a year.
Representatives of Lietuvos bankas also contribute to the work of European supervisory authorities, committees, and working groups, addressing issues vital to the EU financial market.
Lietuvos bankas and the International Monetary Fund
Lithuania joined the International Monetary Fund (IMF) in 1992. The IMF aims to ensure global monetary stability. At the IMF’s highest decision-making body, the Board of Governors, Lithuania is represented by the Chair of the Board of Lietuvos bankas. This Board of Governors convenes twice annually to deliberate on global economic issues and IMF policies.
All member countries are represented in the IMF Executive Board by 25 Executive Directors. Lithuania is represented by an Executive Director jointly elected by the Nordic-Baltic Constituency (Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden). From 2023 to 2026, Vitas Vasiliauskas, a Lithuanian appointee from the Baltic States, serves as the Executive Director. Additionally, each Constituency member appoints a representative to the Executive Director’s Office in Washington, D.C., with Lithuania’s representative appointed by Lietuvos bankas.
The Nordic-Baltic Monetary and Financial Committee, formed in 1999, acts as the key decision-making body for the Constituency. Each country’s central bank and ministry of finance appoint one member and one alternate member to the committee.
Annual Reports of the IMF Nordic-Baltic Office in Washington
- 2016 H1 report (373 KB download icon)
- 2016 H2 report (399.9 KB download icon)
- 2017 H1 report (258.4 KB download icon)
- 2017 H2 report (218.8 KB download icon)
- 2018 H1 report (681.9 KB download icon)
- 2018 H2 report (649.9 KB download icon)
- 2019 report (474.1 KB download icon)
- 2020 report (441.5 KB download icon)
- 2021 report (317.3 KB download icon)
- 2022 report (317.9 KB download icon)
- 2023 report (502.6 KB download icon)
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In the International Monetary and Financial Committee, which is an advisory forum on policy issues of the IMF’s Board of Governors, Lithuania is represented by one of the finance ministers or central bank governors of the Nordic and Baltic countries, appointed according to the internal rotation arrangements of the IMF Nordic-Baltic Constituency. The Committee usually meets twice a year, and its decisions are reflected in communiqués or Chair’s statements.
Lithuania’s stance on IMF policy is jointly coordinated by Lietuvos bankas and the Ministry of Finance.
Cooperation with the IMF is primarily structured around Article IV consultations, under which IMF staff annually assesses Lithuania’s economic and financial policies. The IMF staff visits Lithuania on an annual basis and meets with representatives of Lietuvos bankas, the Government, private sector entities and non-governmental organisations, as well as politicians and economy experts in order to discuss the domestic economic situation and development trends, and provide recommendations. These recommendations are published in the IMF’s Article IV Consultations Reports.
Lithuania also participates in the IMF’s Financial Sector Assessment Program.
The financial foundation of the IMF rests on quota subscriptions of each member country. Each IMF member country is assigned a quota denominated in Special Drawing Rights (SDRs). The country’s quota reflects its relative weight in the world economy, voting power and influence in the IMF decision-making process. It also determines the country’s financial commitments to the IMF and the extent of potential loans from the IMF. Currently, Lithuania’ quota accounts for 0.09% of the total IMF quota, while its voting power represents 0.12% of total IMF votes.
Financial relations with the IMF
Lietuvos bankas and the Bank for International Settlements
The Bank for International Settlements (BIS), established in 1930, is the oldest international financial organisation, comprising 60 central banks and the European Central Bank. Lietuvos bankas became a BIS shareholder in 1931, with its membership reinstated in 1992. The Chair of the Board of Lietuvos bankas attends bimonthly meetings of governors of BIS member central banks, as well as the Annual Shareholders’ Meeting.
The BIS facilitates collaboration among central banks and international financial institutions to maintain monetary and financial stability. It also sets global standards for banking supervision and settlements as well as serves as an agent or correspondent for the central banks in their financial operations.
Lietuvos bankas and the Organisation for Economic Cooperation and Development
Lietuvos bankas’ experts contribute to the Organisation for Economic Cooperation and Development (OECD) working groups and committees focused on economic and financial policies and statistics. Regular exchanges with OECD experts foster discussions on policies related to economic and financial sector trends.
The OECD, which Lithuania joined in 2018, promotes economic growth, job creation, improved living standards, financial stability, and global trade development.
Lietuvos bankas and the Network for Greening the Financial System
In 2020, Lietuvos bankas joined the Network for Greening the Financial System (NGFS), an international coalition of central banks and financial supervisors promoting sustainable economic transition and managing environmental and climate risks within the financial sector.
Representatives of Lietuvos bankas participate in NGFS plenary meetings and contribute to its three workstreams: macrofinancial, green finance, and research. Engagement is voluntary and focuses on sharing best practices and conducting analytical activities.
Bilateral and multilateral relations
Lietuvos bankas maintains strong ties with Nordic (Denmark, Finland, Iceland, Norway, and Sweden) and Baltic (Estonia and Latvia) central banks. Together, these countries form a joint group within the IMF and the World Bank, collaborating on financial sector supervision.
The Nordic-Baltic Macroprudential Forum, initiated by Scandinavian countries in conjunction with the European Systemic Risk Board, fosters regional cooperation in macroprudential supervision and policy.
The central banks of the three Baltic States hold annual management and expert meetings to coordinate positions on economic and financial policy issues in EU and international forums.
Lietuvos bankas also collaborates closely with Poland’s central bank, sharing best practices and organising joint events on economic and financial topics.
Additionally, we support bilateral relations with the central banks of Ukraine, Moldova, and other neighbouring countries through meetings, conferences, and seminars on critical economic and financial policy issues. Lietuvos bankas provides technical assistance and shares expertise with these institutions as needed.
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