RIGA, Dec. 12 (Xinhua) -- Latvian lawmakers at a parliament session on Thursday approved Martins Kazaks, a member of the Bank of Latvia Council, as the central bank's new head, local media reported.
Kazaks was appointed Bank of Latvia Governor for a five-year term by 76 votes to none and one abstention.
A new head of the Latvian central bank has to be appointed because the outgoing Governor Ilmars Rimsevics' office term ends on Dec. 21.
Latvia's five-party center-right government coalition agreed to nominate Kazaks, a 46-year-old economist with a diploma from the University of Cambridge, for the position at the beginning of December.
Kazaks joined the Bank of Latvia Council in August 2018.
In an earlier interview with public radio, Kazaks said that in order to turn the Bank of Latvia into a powerful driver of the Latvian economy, it is necessary to reduce the central bank's costs, streamline its functions and cut the number of employees.
Kazaks supports a merger of the Bank of Latvia and the financial supervisory authority -- the Financial and Capital Market Commission.