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The Knowledge Centre of the Bank of Latvia "Money World" is a modern financial education and information centre.


The display has been created in accordance with the principle: "Come, see, touch, find and comprehend!" It is an interactive display, and the information stands are complemented by multimedia presentations, short videos, computer games and various surprise elements. 
 

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The objective of the "Money World" is to raise public awareness of the ways money is circulated and of its importance in the economy. We would like to encourage visitors to recognise their own role in the never-ending money flows, use them and reasonably conquer them by making them work in the interests of people.

The display has been created for visitors having certain preliminary knowledge at least at the primary school level. However, its content is easy to grasp and of use for a person of any age who uses money and is interested in its ways of influence.

Information is provided in Latvian, Russian and English, thus the "Money World" can be fully appreciated by both inhabitants of Latvia and foreign guests.

The building of Latvijas Banka and the premises of the display are accessible also to persons with reduced mobility.

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On 27 October 2017, after the renovation of premises and renewal of the display, the "Money World" opened its doors to visitors again. The euro changeover in Latvia and Latvijas Banka's joining the Eurosystem three years ago were at the root of the changes. The display also highlights the significant role played by the euro area in the global financial environment. The display has been substantially changed, using state-of-the-art communication and information presentation technologies.

The "Money World" was opened for the first time on 25 February 2005 when in a formal ceremony Iveta Gaile, a teacher of Kuldīga Centra Secondary School, the winner of the title JAL (Junior Achievement Latvia) Best Economics Teacher of the Year, cut a golden ribbon opening the doors of Latvijas Banka's Visitors Centre to pupils, teachers and other interested parties. The history of the creation of the centre, however, goes back several years. Moreover, experience by other national central banks has been taken into account.

 

The Idea

On 16 November 2001, the Riga Branch of Latvijas Banka was opened to serve as a cash vault. Several rooms, including a two-storey safe with three anterooms, were vacated in Latvijas Banka's building at Kr. Valdemāra iela 2A, Riga.

The proposal to create an up-to-date Visitors Centre, which would combine the functions of a modern museum and an educational facility, was in line with Latvijas Banka's opportunity and willingness to become more accessible to the general public, at the same time opening to the public the 100-year-old building, which is an architectural monument of national significance.

 

Project Development

First, the structures of Latvijas Banka's building were reinforced. Then the necessary adjustments were made to make the building accessible to people with reduced mobility.

In 2002, specialists of Latvijas Banka developed a concept of the Visitors Centre. Prof. Dieter Lindenlaub, the long-time head of the Deutsche Bundesbank Money Museum, and colleagues of the European Central Bank provided advice to their counterparts at Latvijas Banka who also drew on the experience gained by other central banks in creating similar centres.

On 16 October 2003, the Council of Latvijas Banka passed a resolution on the creation of Latvijas Banka's Visitors Centre.

A project working group headed by Jānis Motivāns was set up at Latvijas Banka. The group consisted of 14 people, but overall more than100 employees of Latvijas Banka were involved in the project. The project group was consulted by designer Holger Eler.

External experts were responsible for specific topics of the display. A major contribution towards the creation of the Visitors Centre was made by Kristīne Ducmane, the Head of the Numismatics Department of the National History Museum of Latvia, specialists of "Banku servisa centrs" Ltd. and Ieva Upleja, the Head of the Public Relations Division of the Financial and Capital Market Commission.

 

Implementation of the Concept

The construction works of the centre were part of the building renovation project (designed and supervised by "Būve un forma" Ltd.; architects Agris Padēlis-Līns and Edgars Kaufmanis), and they were implemented in 2004 by the general partnership "Restaurators-E".

The display was designed and its arrangement was supervised by the design company "Mākslas fabrika No. 7" (designers Āris Smildzers and Ģirts Boronovskis). The arrangement of the display was carried out by the architects' office "Sestais stils" Ltd.

Multimedia development (applications, incorporation of films into computer systems, presentations) based on Latvijas Banka's project sketches was carried out by "Digitālā darbnīca" Ltd. and "R un I Demo" Ltd., one computer game was prepared by "Everscreen Oy" (Finland).

The audiovisual recordings for the needs of Latvijas Banka's Visitors Centre were created or adapted by "HansaMedia" Ltd. and "PR Stils" Ltd.

The expert commission set up during the creation of the Visitors Centre comprising experienced economics teachers and dedicated pupils assisted in the evaluation of the prepared materials testing them from the perspective of both professionals and the potential users.

 

Renovation

The alteration of the display of the Knowledge Centre of the Bank of Latvia "Money World" was carried out by both specialists of Latvijas Banka, especially with regard to content development, and "Mellis Grupa" Ltd. (selected via an open tender) specialising in the creation of displays and multimedia.

Partners from other institutions, i.e. the Association of Commercial Banks of Latvia, "First Data Latvia" Ltd., JSC "Nasdaq Riga" and investment experts from "TeleTrade" were involved in the creation of the display.

 

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  • The "Money World" has been set up in the historic cash storage facilities of Latvijas Banka.
  • The display is located on two floors with the total area of 530 m2.
  • The strongboxes and the original doors of the two-storey strongroom weighing 3.5 tons have been preserved.
  • The first group of visitors toured the "Money World" on 1 March 2005.
  • In view of the large number of visitors, Latvijas Banka has created an electronic register of public visits (the first of its kind in Latvia) whose latest version has been currently used.
  • The "Money World" has been visited by all Presidents of the restored Republic of Latvia and more than 102 000 visitors.
  • The longest cable connection of the exhibition exceeds 2 km and it serves for the purpose of operating a security service camera installed on the building of the money storage facilities in Pārdaugava.
  • The strongroom does not have any windows that could be opened; therefore, about 100 000 m3 of fresh, either warmed or cooled, air is delivered to visitors.

 

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Almost each central bank of European countries has created a visitors centre or museum. Find them on the map!