Last year, the Governor of the Bank of Latvia, Mārtiņš Kazāks, earned a total income of 221,943 euros, according to his official declaration of public office.
Of this amount, 197,177 euros came from his position at the Bank of Latvia. The declaration specifies that this figure includes 19,241 euros in compensation for unused vacation time accumulated over previous years, which was paid out by the Bank of Latvia on the 20th of December, 2024, at the conclusion of his presidential term in accordance with labor law.
Kazāks also received a state pension of 18,811 euros from the State Social Insurance Agency (VSAA).
He earned 1,925 euros in interest from Latvian government savings bonds (via the Ministry of Finance) and another 570 euros in interest from two banks. Additionally, he received €133 in dividends from the Danish company Pandora.
From a property sale, Kazāks earned 39,293 Norwegian kroner or approximately 3,328 euros. The sale involved 265 shares of Subsea 7, with the transaction submitted on the 29th of December, 2023, and settled on the 2nd of January, 2024.
As of the end of 2024, Kazāks had savings in three banks: 10,131 euros in Luminor Bank,
6,655 pounds (approx. 7,779 euros) in Lloyds Bank (UK), 149,410 euros in Swedbank. The Swedbank amount included a severance payment of 59,962 euros, which was scheduled by the Bank of Latvia in line with the law, but cancelled and returned after Kazāks was reappointed as Governor in February 2025.
In 2023, Kazāks also purchased Latvian government savings bonds worth 51,500 euros, bringing the total value of his holdings to 71,500 euros at year-end.
He owned: 500 shares in the Swedish company Fingerprint Cards (nominal value SEK 17.5 or 1.58 euros), 55 shares in Danish company Pandora, with a total nominal value of 72,435 DKK or 10,110 euros, 32.45 privatization certificates in SIA Publisko aktīvu pārvaldītājs “Possessor”.
At the end of the year, Kazāks also owned: a 2013 Volvo XC90, a land plot in Nīca parish, and treal estate in Riga. His salary from the Bank of Latvia in 2023 (excluding the severance bonus) amounted to 161,947 euros.
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