Banks, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Wednesday, 12.08.2020, 03:12

Bank of Latvia governor's term of office to be reduced from six years to five

BC, Riga, 11.09.2019.Print version
The term of office of the Bank of Latvia governor will be reduced from six years to five, according to amendments to the Law on the Bank of Latvia that Saeima Budget and Finance Committee supported today to be reviewed by Saeima in the third reading, reported LETA.

The central bank's deputy governor and council members will also have a five-year term of office. Furthermore, the same person will serve for a maximum of two consecutive terms.

"Such a procedure would be in line with the generally accepted practice and legislation that provides for the appointment of heads of institutions for five years," explained the committee's chairman Martins Bondars (For Development/For).

At the moment, the term of office of the governor of the Bank of Latvia, his deputy and members of the council is six years, and these positions may be held for an unlimited number of times.

    Search site