Term limits possible for bank chief

In an interview on Latvian Television’s morning news program ‘Rita Panorama,’ Latvia’s Prime Minister Valdis Dombrovskis said that it is possible that Saeima evaluate restricting the number of terms a Bank of Latvia president can be appointed to, reports LETA.

As the prime minister pointed out, many state positions have restrictions how many terms a certain candidate can be appointed to, and usually this is two terms.

Currently, there is no restriction on how many terms a Bank of Latvia president can serve. Thus, Dombrovskis believes that parliament should evaluate the possibility of putting restrictions on the number of terms a Bank of Latvia president can serve.

Answering a question as to why an open competition for the post was not announced, in which long-serving Ilmars Rimsevics was just re-elected to, the prime minister pointed out that the nomination of a Bank of Latvia president is in the Saeima’s competence, and candidates are nominated by parliament members.

He said that the coalition supported the current Bank of Latvia president for a third term because of his previous work in ensuring the stability of the lat, as well as his current work in introducing the euro. Dombrovskis said that the coalition has a positive view towards his work, and wished for him to stay on and continue his work.

On. Oct. 31, Saeima re-elected Rimsevics for a third term in office as Bank of Latvia president. Rimsevics was the only candidate for the position. He was nominated by the coalition.

The Bank of Latvia president serves a six-year term.

Rimsevics was first appointed in December of 2001, and was re-appointed for a second term in December of 2007. Rimsevics’ career at the Bank of Latvia started as vice president in July 1992, and in August 1992, he was appointed board chairman. In February of 1998, Rimsevics was re-appointed Bank of Latvia vice president.