On Thursday, 12 December, the Saeima approved Mārtiņš Kazāks as the new Governor of the Bank of Latvia.

A total of 76 MPs voted in favour of the decision and a single MP abstained.

Formerly Kazāks was a member of the Bank of Latvia Supervisory Council, Chief Economist of AS “Swedbank”, and member of the Fiscal Discipline Council of the Republic of Latvia. Kazāks received Bachelor’s degree in economics from the University of Latvia; he earned his Master’s degree and PhD in economics from the University of London, as well as Diploma in Economics from the University of Cambridge.

The Saeima had to approve a new Governor of the Bank of Latvia due to the expiration of the term of office of Ilmārs Rimšēvičs, incumbent Governor, on 21 December 2019.

According to the Law on the Bank of Latvia, a new Governor of the Bank of Latvia shall be elected by the Saeima on the basis of a recommendation from at least ten MPs. The Governor of the Bank of Latvia is elected for a term of five years, and a single person may not serve more than two consecutive terms.

Saeima Press Service