2015-02-27
1 March 2015 marks 25 years after the establishment of the Bank of Lithuania. The Constitution of the Republic of Lithuania indicates it as a major state authority. It is the central bank of the Republic of Lithuania, continuing the traditions of the central bank which already operated in the pre-war period.
“Over a quarter of a century the Bank of Lithuania has accomplished considerable work in strengthening financial stability in the country and, jointly with other institutions, creating favourable conditions for the growth of the domestic economy. We are grateful to everyone who has contributed to this,” said Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.
He emphasised that the Bank of Lithuania, which had strengthened and matured together with the state, today meets its historical anniversary with a strong voice not only in the country’s economic life, but in taking monetary policy solutions of the entire euro area.
The Bank of Lithuania was established on 1 March 1990 after, on 13 February of the same year the Supreme Council of the Lithuanian SSR passed the Law on the Bank of Lithuania. The country’s central bank began operating immediately after the re-establishment of Lithuania’s independence.
“The central bank of the revived Republic of Lithuania had to be created from scratch. The first employees were to be found, the chief accountant selected; it was even to be decided at which commercial bank the account of the central bank was to be opened. The structure of the future bank was to be created, the funds for the wages of the employees of the Bank of Lithuania and for the Bank’s other costs were to be obtained from the Government, as well as many other difficulties, inevitable for the settlers, had to be faced,” says Bronius Povilaitis, the first head of the Bank of Lithuania, who became it on 13 March 1990 and was it for a few months.
On 4 September 1990, the Supreme Council of the Republic of Lithuania—Reconstituent Seimas approved the Statute and the fixed capital of the Bank of Lithuania.
At the end of 1990 the Bank of Lithuania started taking over the Lithuanian republican offices of USSR banks and their assets; the first commercial banks commenced operations in the country.
Building of the Bank of Lithuania in Vilnius, Gedimino pr. 6. Photo: Dainius Labutis (ELTA).