On 19 December 2024, the Saeima of Latvia appointed Māris Kālis as the Acting Governor of Latvijas Banka to ensure the seamless continuity of the central bank’s operations. This decision follows the Saeima’s failure to elect a new Governor, leaving Kālis, currently serving as Deputy Governor, to assume the Governor’s responsibilities starting 21 December 2024. The interim arrangement will remain in effect until a new Governor is officially elected and begins their term.
Mārtiņš Kazāks, the outgoing Governor, concluded his tenure on 20 December 2024. Under Latvian law, the Governor of Latvijas Banka serves a five-year term, with the possibility of holding the position for a maximum of two consecutive terms. The Latvian Saeima has indicated that the appointment of a permanent Governor will be addressed in early 2025.
During this interim phase, Latvia will be temporarily without voting rights in the Governing Council of the European Central Bank. The role of Latvijas Banka’s Governor is vital in representing the country’s interests within the European Union’s financial framework, and the absence of a permanent leader underscores the urgency of resolving this leadership vacuum.
Māris Kālis, an experienced leader within the central bank, will step into the acting role with immediate effect. The new Governor’s appointment remains contingent on the Latvian Saeima’s proceedings, leaving a brief gap of a single day between the end of Kazāks’ term and Kālis’ assumption of duties.
