Gediminas Šimkus, the new chairman of the management board at the Bank of Lithuania, sees the central bank's modernisation as a priority for his five-year term in office.
Šimkus told President Gitanas Nausėda during their meeting on Monday that the modernisation would include implementing technological solutions in the central bank's activities and bringing down the regulatory burden on the financial market.
Nausėda and Šimkus also discussed the central bank's priorities and its near-term tasks, the president's office said.
The officials stressed the need to encourage the local capital market to provide financing alternatives for small and medium-sized businesses and noted an untapped potential in Lithuania's cooperative banking that has a broad regional network, it said in a press release.
"Obviously, the financing of small and medium-sized businesses is a key challenge in the pursuit of sustainable economic growth in Lithuania," it quoted Nausėda as saying.
Šimkus took over as the central bank's governor from Vitas Vasiliauskas on April 7.
Newsletter
Every Friday morning.
