[6] On 7 September 1922, the Constitutional Assembly adopted the Law on the Establishment of the Bank of Latvia.

The Bank's interim statutes were approved on 19 September 1922, with the decision of the Cabinet of Ministers, and its initial capital was 10 million lats.

On 24 April 1923, Saeima approved the Statute of the Bank of Latvia, signed by President Jānis Čakste on 2 July.

On 25 July, the Law on the Nationalization of Banks and Large Industrial Enterprises was adopted.

It took over the ownership and structure of the USSR banks, Latvijas Republikānisko banku, and other state credit institutions.

For the first time in Latvia, the independence of the national central bank from the government policy was ensured through legislation.

After joining the EU, Latvia had to demonstrate its ability to meet the EMU accession criteria.

In order to achieve its main goal, as well as successfully entering the EMU, the Bank of Latvia implemented a fixed exchange rate strategy (EUR 1 = Ls 0.702804).