Podcast: Bank of Lithuania on becoming a ‘data-centric’ organisation

The Bank of Lithuania is considering advancing towards a more open data concept, as part of its new data strategy implemented earlier this year.

In Central Banking’s latest Tech Talk podcast episode, Ugnė Šaltenytė and Ramūnas Baravykas provide an update on the central bank’s data management maturity programme, known as Damama.

The project, launched in 2020, has been broken down into three core components: data governance; collection; and a new data platform. The third of these encompasses the technology behind warehousing and analysing data.

Baravykas notes that while the programme has only been running for just over a year it is already yielding results. He says the central bank has already been able to discontinue some statistical returns, and the amount of time collecting data has fallen significantly.

Moving forward, Baravykas says the project will allow the central bank to tap into new real-time data and accelerate data-based decision-making, which has been crucial during the pandemic and will likely become mainstream for central bank policy-making in the future.

Šaltenytė notes the project has not just focused on refining the process of data handling, but on how the entire central bank thinks about data. She says newly established units and data governance bodies will begin their tasks of finalising data governance, collection and warehousing frameworks in the coming months.

The end goal will be for the central bank to eventually publish non-confidential, or anonymised, granular data to the public in a machine-readable format.

Index

00:00 Introduction

00:55 The ‘Damama Project’

03:00 Outcomes of the project

05:20 Data governance

08:50 Using cloud services

11:10 Capacity building

12:30 Changes to data reporting

14:45 Navigating the pan-European environment