was pegged to the euro on 1 January 2005. Also, at the beginning of 2006 and 2007, the Bank of Latvia operated a refinancing rate instrument, a rate for travel. In a situation where banks do not intend to actively use the instruments offered by the Bank of Latvia, the increase of the refinancing rate has a more signaling function. Management The Bank of Latvia is managed by the Bank's Board and Management Board. The council consists of eight people: the president of the bank, his deputy, and six members of the council. The Bank's Supervisory Council is managed by the President of the Bank of Latvia. The Governing Council of the Bank of Latvia takes decisions on behalf of the Bank of Latvia. For the practical work and operational management of the Bank of Latvia, the Bank Council establishes a permanent board of six people. The Bank's Governor approves the structure of the Bank of Latvia and recruits and dismisses the Bank of Latvia's employees. Governors Kārlis Vanags (1 November 1922 — 14 October 1923) Edgars Švēde (15 October 1923 — 21 September 1926) Kārlis Vanags (22 September 1926 — 13 July 1940) Kārlis Zandersons (13 July 1940 — 21 July 1940) Artūrs Graudiņš (26 March – 30 July 1990) Pāvils Sakss (31 July 1990 – 3 September 1991) Einars Repše (3 September 1991 – 20 December 2001) Ilmārs Rimšēvičs (21 December 2001 – 20 December 2019) Mārtiņš Kazāks (21 December 2019 – present) See also Economy of Latvia Latvian lats European Central Bank Latvia and the euro References External links Official site of Latvijas Banka Official site of Latvijas Banka Economy of Latvia Latvia Banks of Latvia Latvia 1922 establishments in Latvia Banks established in 1922