OREANDA-NEWS. On April 06, 2009 Mr. Stefan Ingves, Chairman of the Executive Board and Governor of Sveriges Riksbank, visited the Bank of Lithuania, reported the press-centre of Bank of Lithuania.

The guest met with Mr. Reinoldijus Sarkinas, Chairman of the Board of the Bank of Lithuania. Several business meetings of the Governor of the central bank of Sweden and his accompanying persons with the members of the Board and experts of the Bank of Lithuania also took place.

The macroeconomic situation of Lithuania and Sweden and forecasts of its development, the situation of commercial banks, the measures of central banks and governments for maintaining stability of the banking system, as well as crediting, financial institutions supervision and other important topics were discussed during the meetings.

The cooperation between the central banks of Lithuania and Sweden in exchanging important information takes places in accordance with the Memorandum of Understanding between four central banks, which also include the central banks of Latvia and Estonia, in addition to those of Lithuania and Sweden.

After visiting the Bank of Lithuania, the delegation of the central bank of Sweden departed to Vilnius ISM University of Management and Economics. Here Mr. Stefan Ingves will give a lecture “Lessons of the Economic Crisis”.

Sveriges Riksbank is responsible for conducting monetary policy, the objective of which is to maintain a low and stable level of inflation. The Bank also has the task of ensuring that payments in the economy can be made safely and efficiently.

The central bank of Sweden does not conduct commercial bank supervision. This function is performed by the Swedish Financial Supervisory Authority. The Bank of Lithuania has signed with this institution the Memorandum of Understanding in the area of supervision of credit institutions operating in both states.

In December 2006, four central banks - mainly, those of Lithuania, Latvia, Estonia and Sweden - signed the Memorandum of Understanding on Management of Financial Crises in Banks with Cross-Border Subsidiaries or Branches. It was drawn up in consideration of the fact that Swedish banks manage some banks in Lithuania, Latvia and Estonia and it is important for the central banks of these states to cooperate in the area of information exchange and to plan the actions to be taken, if one of the members of a bank group faces problems in any country.