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About Us

Created : 22.09.2017. Updated: 11.03.2024.

The Treasury is a direct administration institution subordinated to the Ministry of Finance. Its operational objective is the effective implementation of public administration functions in the area of public finance management.

The Treasury’s operations are managed by the Treasurer. The Treasurer is appointed and dismissed from office by the Minister of Finance.

The Treasury has the following functions :

  • organising the execution and financial accounting of the central government budget;

  • give of assignations out and making payments from the central government budget revenue;

  • central government debt management;

  • functions of the Paying and Certifying Authority for the EU policy instruments, the Financial instrument of the European Economic Area and the bilateral Financial instrument of the Norwegian government established in laws and regulations and the National Fund functions delegated by the National Authorising Officer;

  • other functions prescribed by laws and regulations.

The official beginning of the Treasury’s history can be dated on December 1918. During the time period from 1927 to 1928, the function of the budget cash department was performed by banks, but from 1928 to 1992 – the central bank.

The beginning of the modern Treasury is marked by the Internatioan Monetary Fund (IMF) technical relief mission, which in 1992 suggested establishing the Treasury as an independent institution, and the Ministry of Finance of the Republic of Latvia elaborates the operation model of the Treasury in collaboration with the IMF technical relief missions. The Council of Ministers made the decision (on 28 December 1992, No.557) to transfer the functions of the Treasury to the Ministry of Finance, establishing a gradual take-over of functions of the Bank of Latvia’s cash department to ensure the accumulation of budget resources to finance expenditures, as well as to ensure a complete accounting of budget assets.

Since 1997, the Treasury has been an independent entity directly subordinate to the Ministry of Finance, which ensures the government budget execution and government debt management functions.

The Treasury’s activity complies with the best management principles, which is attested by certifications and supervisory audits performed in the Treasury, which confirmed that the Treasury maintains its management system in accordance with the requirements of ISO 9001:2008 standard, and implements the set policy and goals.

The legal status, functions, tasks, competence, rights and procedure for ensuring legality are stipulated by the Cabinet of Ministers Regulations No.677 Regulation of the Treasury issued on 3 August 2004 pursuant to the Public Administration Law.

The structure and work organization of the Treasury is established by the Rules of Procedure of the Treasury issued on 18 March 2011, pursuant to the Public Administration Structure Law.

The Treasury`s structure consists of 17 departments and Bureau.