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The Seimas of Lithuania on Thursday appointed Gediminas Simkus as board chairman of the country's central Bank of Lithuania.
Gediminas Šimkus
Gediminas Šimkus
© Lietuvos bankas

He will replace Vitas Vasiliauskas who has led the central bank for two terms once his term ends on April 7.

120 lawmakers on Thursday voted for Simkus' appointment, two MPs abstained and one voting ballot was damaged.

According to Mykolas Majauskas, chairman of the parliamentary Committee on Budget and Finance, representing the ruling Homeland Union – Lithuanian Christian Democrats, the incoming central banker will need to focus on the stability of the banking system, promoting competition, financial literacy and the promotion of green finance. He hopes Simkus will fulfill his promise to promote competition within the banking sector.

The new head of the Bank of Lithuania will also need to pay more attention to the prevention of money laundering, Majauskas added.

Simkus joined the central bank in 2002 and has been consistently going up the career ladder within the bank for the past 18 years. He was appointed a board member in September.

BNS
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