Lithuanian litas

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Lithuanian litas
Lietuvos litas (Lithuanian)
LTU 200 Litu 1997 obv.jpg
200 LTL banknote
ISO 4217
CodeLTL
Number440
Exponent2
Denominations
Subunit
1/100 centas
Plural litai (nom. pl.) or litų (gen. pl.) or litu (nom. dl. in pre-war period)
centas centai (nom. pl.) or centų (gen. pl.) or centu (nom. dl. in pre-war period)
Symbol Lt (litas), ct (centas)
Banknotes
Freq. used 10, 20, 50, 100, 200 litų
Rarely used500 litų
Coins
Freq. used 1 centas, 10, 20, 50-centų, 1 litas, 2, 5 litai
Rarely used2, 5 centai
Demographics
User(s)None, previously:
Flag of Lithuania.svg Lithuania
Issuance
Central bank Bank of Lithuania
Website lb.lt
Valuation
Inflation 1.4%
Source European Central Bank, April 2013
Method HICP
ERM
Since28 June 2004
Fixed rate since2 February 2002
Replaced by €, cash1 January 2015
=3.45280 Lt
Bandpegged in practice, 15% de jure
This infobox shows the latest status before this currency was rendered obsolete.

The Lithuanian litas (ISO currency code LTL, symbolized as Lt; plural litai (nominative) or litų (genitive) was the currency of Lithuania, until 1 January 2015, when it was replaced by the euro. It was divided into 100 centų (genitive case; singular centas, nominative plural centai). The litas was first introduced on 2 October 1922 after World War I, when Lithuania declared independence and was reintroduced on 25 June 1993, following a period of currency exchange from the ruble to the litas with the temporary talonas then in place. [1] The name was modeled after the name of the country (similar to Latvia and its lats). From 1994 to 2002, the litas was pegged to the U.S. dollar at the rate of 4 to 1. The litas was pegged to the euro at the rate of 3.4528 to 1 since 2002. The euro was expected to replace the litas by 1 January 2007, but persistent high inflation and the economic crisis delayed the switch. On 1 January 2015 the litas was switched to the euro at the rate of 3.4528 to 1. [2]

ISO 4217 Standard which delineates currency designators and country codes

ISO 4217 is a standard first published by International Organization for Standardization in 1978, which delineates currency designators, country codes, and references to minor units in three tables:

Lithuania Republic in Northeastern Europe

Lithuania, officially the Republic of Lithuania, is a country in the Baltic region of Europe. Lithuania is considered to be one of the Baltic states. It is situated along the southeastern shore of the Baltic Sea, to the east of Sweden and Denmark. It is bordered by Latvia to the north, Belarus to the east and south, Poland to the south, and Kaliningrad Oblast to the southwest. Lithuania has an estimated population of 2.8 million people as of 2019, and its capital and largest city is Vilnius. Other major cities are Kaunas and Klaipėda. Lithuanians are Baltic people. The official language, Lithuanian, along with Latvian, is one of only two living languages in the Baltic branch of the Indo-European language family.

Euro European currency

The euro is the official currency of 19 of the 28 member states of the European Union. This group of states is known as the eurozone or euro area, and counts about 343 million citizens as of 2019. The euro is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is divided into 100 cents.

Contents

First litas, 1922–1941

History

The first litas was introduced on 2 October 1922, replacing the ostmark and ostruble, both of which had been issued by the occupying German forces during World War I. The ostmark was known as the auksinas in Lithuania.

German ostmark

Ostmark is the name given to a currency denominated in Mark which was issued by Germany in 1918 for use in a part of the eastern areas under German control at that time, the Ober Ost area. The currency consisted of paper money issued on 4 April 1918 by the Darlehnskasse in Kowno (Kaunas) and was equal to the German Papiermark. The Ostmark circulated alongside the Russian ruble and the Ostruble, with two Ostmark equal to one Ostruble.

German ostruble Occupation currency of World War I

Ostruble is the name given to a currency denominated in kopeck and ruble, which was issued by Germany in 1916 for use in the eastern areas under German occupation. It was initially equal to the Russian ruble. The reason for the issue was a shortage of rubles. The banknotes were produced by the Darlehnskasse in Posen on 17 April 1916.

German Empire empire in Central Europe between 1871–1918

The German Empire, also known as Imperial Germany, was the German nation state that existed from the unification of Germany in 1871 until the abdication of Kaiser Wilhelm II in 1918.

The litas was established at a value of 10 litų = 1 US dollar and was subdivided into 100-centų. In the face of worldwide economic depression, the litas appeared to be quite a strong and stable currency, reflecting the negligible influence of the depression on the Lithuanian economy. One litas was covered by 0.150462 grams of gold stored by the Bank of Lithuania in foreign countries. In March 1923, the circulation amounted to 39,412,984 litas, backed by 15,738,964 in actual gold and by 24,000,000 in high exchange securities. [3] It was required that at least one third of the total circulation would be covered by gold and the rest by other assets. By 1938, 1 U.S. dollar was worth about 5.9 litai, [4] falling to about 20 U.S. cents before its disappearance in 1941. [5]

Bank of Lithuania central bank

The Bank of Lithuania is the central bank of the Republic of Lithuania. The Bank of Lithuania is a member of the European System of Central Banks. The chairman of the bank is Vitas Vasiliauskas. Until 2015, the Bank of Lithuania was responsible for issuing the former Lithuanian currency, the litas.

Memelgebiet

In March 1939 Nazi Germany demanded that Lithuania give up the Klaipėda Region (also known as the Memel Territory), which had been detached from Germany after World War I. The Lithuanian government complied, and on 23 March 1939 the area was annexed by Germany. On the same day the reichsmark replaced the litas as the official currency of the region, with 1 litas being exchanged for 40 pfennig. Until 20 May 1939 inhabitants of the Memelgebiet could exchange litas for reichsmarks. [6]

1939 German ultimatum to Lithuania 1939 German diplomatic demand on LIthuania

The 1939 German ultimatum to Lithuania was an oral ultimatum which Joachim von Ribbentrop, Foreign Minister of Nazi Germany, presented to Juozas Urbšys, Foreign Minister of Lithuania on 20 March 1939. The Germans demanded that Lithuania give up the Klaipėda Region which had been detached from Germany after World War I, or the Wehrmacht would invade Lithuania. The Lithuanians had been expecting the demand after years of rising tension between Lithuania and Germany, increasing pro-Nazi propaganda in the region, and continued German expansion. It was issued just five days after the Nazi occupation of Czechoslovakia. The 1924 Klaipėda Convention had guaranteed the protection of the status quo in the region, but the four signatories to that convention did not offer any material assistance. The United Kingdom and France followed a policy of appeasement, while Italy and Japan openly supported Germany, and Lithuania was forced to accept the ultimatum on 22 March. It proved to be the last territorial acquisition for Germany before World War II, producing a major downturn in Lithuania's economy and escalating pre-war tensions for Europe as a whole.

Klaipėda Region Area of East Prussia

The Klaipėda Region or Memel Territory was defined by the 1919 Treaty of Versailles in 1920 and refers to the most northern part of the German province of East Prussia, when as Memelland it was put under the administration of the Entente's Council of Ambassadors. The Memel Territory, together with other areas severed from Germany was to remain under the control of the League of Nations until a future day when the people of these regions would be allowed to vote on whether the land would return to Germany or not. Today, the former Memel Territory is controlled by Lithuania, who has organized it into the Klaipeda, Taurage, Marijampole, and Alytus counties.

World War I 1914–1918 global war originating in Europe

World War I, also known as the First World War or the Great War, was a global war originating in Europe that lasted from 28 July 1914 to 11 November 1918. Contemporaneously described as "the war to end all wars", it led to the mobilisation of more than 70 million military personnel, including 60 million Europeans, making it one of the largest wars in history. It is also one of the deadliest conflicts in history, with an estimated nine million combatants and seven million civilian deaths as a direct result of the war, while resulting genocides and the 1918 influenza pandemic caused another 50 to 100 million deaths worldwide.

Soviet occupation

The litas was replaced by the Soviet ruble in April 1941 after Lithuania was annexed by the Soviet Union, with 1 litas equal to 0.9 ruble, although the actual value of the litas was about 3–5 rubles. Such an exchange rate provided great profits for the military and party officials. Trying to protect the value of the currency, people started to massively buy which, together with a downfall in production (following nationalization), caused material shortages. Withdrawals were then limited to 250 litų [7] before the litas was completely abolished.

Soviet Union 1922–1991 country in Europe and Asia

The Soviet Union, officially the Union of Soviet Socialist Republics (USSR), was a socialist state in Eurasia that existed from 1922 to 1991. Nominally a union of multiple national Soviet republics, its government and economy were highly centralized. The country was a one-party state, governed by the Communist Party with Moscow as its capital in its largest republic, the Russian Soviet Federative Socialist Republic. Other major urban centres were Leningrad, Kiev, Minsk, Alma-Ata, and Novosibirsk. It spanned over 10,000 kilometres east to west across 11 time zones, and over 7,200 kilometres north to south. It had five climate zones: tundra, taiga, steppes, desert and mountains.

Nationalization is the process of transforming private assets into public assets by bringing them under the public ownership of a national government or state. Nationalization usually refers to private assets or assets owned by lower levels of government, such as municipalities, being transferred to the state. The opposites of nationalization are privatization and demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization. Industries that are usually subject to nationalization include transport, communications, energy, banking, and natural resources.

Coins

Interwar 10 litu coin, depicting Vytautas the Great 10 LT 1936 A Vytautas.png
Interwar 10 litų coin, depicting Vytautas the Great

Coins were introduced in 1925 in denominations of 1 centas, 2 centai, 5 centai, 10, 20, 50-centų, and 1 litas, 2 litu, 5 litai, with the litas coins in silver. 10 litų coins were introduced in 1936. All these coins were designed by the sculptor Juozas Zikaras (1881–1944). The litas coins displayed Jonas Basanavičius and Vytautas the Great, which was replaced by a portrait of President Antanas Smetona.

Juozas Zikaras Lithuanian sculptor

Juozas Zikaras was a Lithuanian sculptor and artist, who created the design for pre-war Lithuanian litas coins. He is considered to be one of the first professional Lithuanian sculptors.

Jonas Basanavičius Lithuanian activist

Jonas Basanavičius was an activist and proponent of the Lithuanian National Revival. He participated in every major event leading to the independent Lithuanian state and is often given the informal honorific title of the "Patriarch of the Nation" for his contributions.

Antanas Smetona First President of Lithuania from 4 April 1919 until 19 June 1920

Antanas Smetona was one of the most important Lithuanian political figures between World War I and World War II. He served as the first President of Lithuania from 4 April 1919 to 19 June 1920. He again served as the last President of the country from 19 December 1926 to 15 June 1940, before its occupation by the Soviet Union. He was also one of the most prominent ideologists of nationalism in Lithuania.

Banknotes

10 litu banknote (1922) LTU 10 Litu 1922 obv.jpg
10 litų banknote (1922)

In 1922, the Bank of Lithuania issued notes in denominations of 1 centas, 2 centu, 5 centai, 10, 20, 50-centų, and 1 litas, 2 litu, 5 litai, 10, 50, 100 litų. In 1924, 500 and 1000 litų notes were added. Denominations below 5 litai were replaced by coins in 1925.

10 September 1922 Issue
ImageDenominationObverseReverse
1 centas Coat of arms of Lithuania
5 centai Coat of arms of Lithuania
20-centų Coat of arms of Lithuania
50-centų Coat of arms of Lithuania
1 litas Coat of arms of Lithuania
5 litai Coat of arms of Lithuania
16 November 1922 Issue
ImageDenominationObverseReverse
1 centas
2 centu
5 centai
10-centų
20-centų Coat of arms of Lithuania
50-centų Coat of arms of Lithuania
1 litas Coat of arms of Lithuania
2 litu Coat of arms of Lithuania
5 litaiPortrait of a woman at the spinning wheelSower
10 litų Coat of arms of Lithuania, Timber rafting Two women
50 litųArms of Kaunas, Vilnius and Klaipėda, Grand Duke Gediminas Vilnius Cathedral and its belfry
100 litų Coat of arms of Lithuania, Vytautas the Great Two women
1924–1928 Issue
ImageDenominationObverseReverse
10 litų Coat of arms of Lithuania Fieldwork
50 litųDr. Jonas Basanavičius Vilnius Cathedral
100 litųLithuanian woman in traditional dress Bank of Lithuania
500 litų Coat of arms of Lithuania
1000 litų Coat of arms of Lithuania
1929–1930 "500 Years Vytautas the Great" Commemorative Issues
ImageDenominationObverseReverse
5 litai Coat of arms of Lithuania, Vytautas the Great Battle of Grunwald
20 litų Coat of arms of Lithuania, Vytautas the Great, Vytautas' the Great Church Statue of Liberty, Klaipėda
1938 "20 Years of Independence" Commemorative Issue
ImageDenominationObverseReverse
10 litų Antanas Smetona 1st President of Lithuania The original 20 members of the Council of Lithuania after signing the Act of Independence of Lithuania or Act of 16 February 1918

Second litas, 1993–2015

The litas became Lithuania's currency once more on 25 June 1993, when it replaced the temporary talonas currency at a rate of 1 litas to 100 talonas.

Banknotes

In 1993, banknotes (dated 1991) were issued in denominations of 1 litas, 2, 5 litai, 10, 20, 50, 100 litų. Due to poor designs, these were found to be easily copied and a second series of notes was swiftly introduced in denominations of 1 litas, 2, 5 litai, 10, 20, 50 litų, with only the 100 litų notes of the first series remaining in circulation. 200 litų notes were introduced in 1997, followed by 500 litų in 2000.

DenominationMarket introduction yearImageBanknote designerBanknote featuresPrinting houseDefunct
1 Litas1994 1 litas (1994).jpg Giedrius JonaitisAverse: Žemaitė
Reverse: Church of Saint Juozapas in Palūšė
De La Rue Ltd., United Kingdom2007 March 1
2 Litai1993 2 litai (1993).jpg Giedrius JonaitisAverse: Motiejus Valančius
Reverse: Trakai Island Castle
De La Rue Ltd., United Kingdom2007 March 1
5 Litai1993 5 litai (1993).jpg Giedrius JonaitisAverse: Jonas Jablonskis
Reverse: Sculpture „School of hardship“ by P. Rimšas
De La Rue Ltd., United Kingdom2007 March 1
10 Litų1991 10 litai (1991).jpg Giedrius JonaitisAverse: Steponas Darius & Stasys Girėnas
Reverse: Lėktuvas Lituanica
American Banknote Corporation, USA1996 January 1
10 Litų1993 10 litai (1993).jpg Giedrius JonaitisAverse: Steponas Darius & Stasys Girėnas
Reverse: Lėktuvas Lituanica
American Banknote Corporation, USA2007 March 1
10 Litų1997 10 litai (1997).jpg Giedrius JonaitisAverse: Steponas Darius & Stasys Girėnas
Reverse: Lėktuvas Lituanica
De La Rue Ltd., United Kingdom2012 June 1
10 Litų2001 10 litai (2001).jpg Giedrius JonaitisAverse: Steponas Darius & Stasys Girėnas
Reverse: Lėktuvas Lituanica
Orell Fussli Security Printing Ltd., Switzerland2015 January 16
20 Litų1991 20 litai (1991).jpg Justas TolvaišisAverse: Maironis
Reverse: Sculpture „Freedom“ by J. Zikaris
American Banknote Corporation, USA1994 June 1
20 Litų1993 20 litai (1993).jpg Justas TolvaišisAverse: Maironis
Reverse: Sculpture „Freedom“ by J. Zikaris
American Banknote Corporation, USA2007 March 1
20 Litų1997 20 litai (1997).jpg Justas Tolvaišis & Giedrius JonaitisAverse: Maironis
Reverse: Sculpture „Freedom“ by J. Zikaris
De La Rue Ltd., United Kingdom2012 June 1
20 Litų2001 20 litai (2001).jpg Giedrius JonaitisAverse: Maironis
Reverse: Sculpture „Freedom“ by J. Zikaris
Giesecke & Devrient GmbH, Germany2015 January 16
50 Litų1991 50 litai (1991).jpg Rimvydas BartkusAverse: Jonas Basanavičius
Reverse: Vilnius Cathedral
American Banknote Corporation, USA1996 January 1
50 Litų1993 50 litai (1993).jpg Rimvydas BartkusAverse: Jonas Basanavičius
Reverse: Vilnius Cathedral
American Banknote Corporation, USA2007 March 1
50 Litų1998 50 litai (1998).jpg Giedrius Jonaitis & Rimvydas BartkusAverse: Jonas Basanavičius
Reverse: Vilnius Cathedral
Giesecke & Devrient GmbH, Germany2015 January 16
50 Litų2003 50 litai (2003).jpg Giedrius JonaitisAverse: Jonas Basanavičius
Reverse: Vilnius Cathedral
Giesecke & Devrient GmbH, Germany2015 January 16
100 Litų1991 100 litai (1991).jpg Rytis ValantinasAverse: Simonas Daukantas
Reverse: Vilnius University
Orell Fussli Security Printing Ltd., Switzerland2001 July 1
100 Litų2000 100 litai (2000).jpg Giedrius JonaitisAverse: Simonas Daukantas
Reverse: Vilnius University
Orell Fussli Security Printing Ltd., Switzerland2015 January 16
100 Litų2007 LTU 100 Litu 2007 obv.jpg LTU 100 Litu 2007 rev.jpg Rytis ValantinasAverse: Simonas Daukantas
Reverse: Vilnius University
Francois – Charles Oberthur Fiduciaire, France2015 January 16
200 Litų1997 LithuaniaP63-200Litu-1997-donatedsrb b.jpg Rytis ValantinasAverse: Vydūnas
Reverse: Klaipėda Lighthouse
Giesecke & Devrient GmbH, Germany2015 January 16
500 Litų2000 500 litai (2000).jpg Rimvydas BartkusAverse: Vincas Kudirka
Reverse: Lithuanian landscape
Giesecke & Devrient GmbH, Germany2015 January 16

Coins

Lithuanian litas coins Change in Lithuanian litas coins.jpg
Lithuanian litas coins

In 1993, coins were introduced (dated 1991) in denominations of 1 centas, 2, 5 centai, 10, 20, 50-centų, and 1 litas, 2, 5 litai. The 1 centas, 2, 5 centai pieces were minted in aluminium, the 10, 20, 50-centų in bronze and the litas coins were of cupro-nickel. In 1997, nickel-brass 10, 20, 50-centų coins were introduced, followed by cupro-nickel 1 litas, bimetallic 2 and 5 litai in 1998. All had the obverse designs showing the coat of arms in the center and the name of the state "Lietuva" in capital letters.

The first coins were minted in the United Kingdom and arrived in Lithuania on 31 October 1990. Later, all coins were minted in the state-owned enterprise "Lithuanian Mint", which started its operations in September 1992 and helped to cut the costs of introducing the litas.

History

Preparatory work

Officials started to prepare for the introduction of the litas even before independence was declared, it was thought to introduce the litas alongside the ruble even if Lithuania remained a part of the Soviet Union. [8] In December 1989, artists were asked to submit sketches of possible coin and banknote designs. Also, a list of famous people was compiled in order to determine who should be featured.

The Bank of Lithuania was established on 1 March 1990. Ten days later Lithuania declared independence. At first the Lithuanian government negotiated in vain with François Charles Oberthur , a press located in France to print the banknotes. In November 1990 The Bank of Lithuania decided to work with the United States Banknote Corporation (now American Banknote Corporation ). In late fall, 1991 the first shipments of litas banknotes and coins arrived in Lithuania.

In November 1991, the Currency Issue Law was passed and the Litas Committee was created. It had the power to fix the date for the litas to come into circulation, the terms for the withdrawal from circulation of the ruble, the exchange rate of the litas and other conditions. Officials waited for a while for the economy to stabilize to not to expose the young litas to inflation. About 80% of Lithuania's trade was with Russia and the government needed to find a way to smooth the transition from the ruble zone. Also, Lithuania needed to gather funds to form a stabilization fund.

Gathering funds

At first, Lithuania did not have gold or any other securities to back up the litas. Lithuania needed to find about 200 million U.S. dollars to form the stabilization fund. First, it sought to recover its pre-war gold reserves (about 10 tons) from France, the United Kingdom, Switzerland, etc. In the interwar period Lithuania stored its gold reserve in foreign banks. After the occupation in 1940 those reserves were "nobody's": there was no Lithuania and most Western countries condemned the occupation as illegal and did not recognize the Soviet Union as a successor. The Bank of England, for example, sold the reserves to the Soviets in 1967. However, in January 1992 it announced that this action was a "betrayal of the people of the Baltic states" and that it would return the originally deposited amount of gold, now worth about 90 million pounds sterling, to the three Baltic states. Lithuania received 18.5 million pounds or 95,000 ounces of gold and remained a customer of the bank. Similarly, in March 1992 Lithuania reclaimed gold from the Bank of France and later from the Bank of Sweden.

In October 1992, the International Monetary Fund (Lithuania joined this organization on 29 April 1992) granted the first loan of 23.05 million U.S. dollars [9] to create the stabilization fund. However, it is estimated that at the time of the introduction of the new currency, Lithuania gathered only $120 million for the stabilization fund. For a brief while it was kept a secret so as not to further damage the reputation and trust in of the litas.

Delayed introduction of the litas

Lietuvos Rytas journalists investigated the production of the litas and found that for a while it was purposely held back. For example, 6 million litas designated to pay for printing the banknotes stayed in a zero interest bearing account for a year in a bank in Sweden. By 1992, the litas was ready for introduction, but the banknotes were of extremely low quality (one could easily counterfeit them with a simple color printer; especially the 10, 20, and 50 litų banknotes).

Newly elected President Algirdas Brazauskas dismissed the Chair of the Bank of Lithuania, Vilius Baldišis, for incompetence just two months before the introduction of the litas. Baldišis was later charged for negligence that cost Lithuania $3,000,000. Some claim that the Russian secret services were behind the affair. Baldišis' explanation was that he was trying to cut the costs of printing the banknotes and thus did not order better security features. Also, "U.S. Banknote Corporation" was accused of violation of the contract terms.

But when the new issue of litas banknotes was redesigned, reprinted, and introduced in June 1993, it was found that the quality of the money was still too low and the banknotes would have to be redesigned further in the future. All these scandals and the small backup of gold reserve (about $120 million instead of $200 million) damaged the reputation of the litas. The newly appointed chair, Romualdas Visokavičius, moved things quickly and won the trust of the public. However, in October he was asked to resign mostly because of his involvement with a private bank "Litimpex."

Introduction of the litas

Official litas and U.S. dollar exchange rate June 1993 - March 1994 according to statistics published by the Bank of Lithuania Graph - LTL and USD rate.png
Official litas and U.S. dollar exchange rate June 1993 – March 1994 according to statistics published by the Bank of Lithuania

On 25 June 1993, the litas was finally introduced at the rate of 1 litas to 100 talonas. 1 U.S. dollar was worth 4.5 litai and decreased to about 4.2 a couple of weeks later. Even the introduction of the litas was followed by a scandal. The government allowed the changing of unlimited amounts of talonas to the litas without having to show the source of the talonas. This allowed criminal groups to legalize their funds.

In July, circulation of the talonas was stopped and on 1 August 1993, the litas became the only legal tender. Following the reintroduction of the litas, there was an effort to weed out U.S. dollars from the market. The talonas was never really trusted by the people and the ruble was very unstable. Thus, people started using U.S. dollars as a stable currency. Another alternative was the German mark, but it was not available in larger quantities. A lot of shops printed prices in several different currencies, including dollars, and the economy was very "dollarized" as it was legal to make trades in foreign currencies.

Early litas lacked necessary protection 10 litai (1991).jpg
Early litas lacked necessary protection

Due to poor banknote quality (both talonas and early litas) it was easy to counterfeit them. Most shops were forced to acquire ultra violet lamps to check for forgeries. One group, for example, printed 500 talonas banknotes in Turkey. It is estimated that their notes totaled 140,000 litas. [10]

From 1 April 1994 to 1 February 2002, the litas was pegged to the U.S. dollar at the rate of 4 to 1 (the litas was stable around 3.9 for half a year before the rate was fixed). The main reasons for this fixation was little trust in the emerging monetary system, fear of high fluctuations in currency exchange rates, desire to attract foreign investors, and International Monetary Fund recommendations. The peg was renewable every year. For a while a peg was considered to a basket of currencies: the European Currency Unit. At around this time Lithuania also established a currency board.

The litas and the euro

On 2 February 2002 the litas was pegged to the euro at a rate of 3.4528 to 1 (1 LTL = 0.28962 EUR); this rate was not expected to change – and indeed did not – until the litas was completely replaced by the euro on 1 January 2015. [11] After the peg, Lithuania became a member of the Eurozone de facto. The litas became part of the ERM II on 28 June 2004. [12] the EU's exchange rate mechanism. The design of Lithuanian euro coins had already been prepared.

Lithuania postponed its euro day several times, since the country did not meet the convergence criteria. High inflationwhich reached 11% in October 2008, well above then acceptable limit of 4.2% [13] contributed to Lithuania's failure to meet the criteria. In 2011, polls showed narrow opposition to the currency. [14] On 23 July 2014, the Council of the European Union adopted a decision allowing Lithuania to adopt the euro as its currency on 1 January 2015. [11] Litas and euro were both legal tender in Lithuania until 16 January 2015.

Notes

  1. Linzmayer, Owen (2013). "Lithuania". The Banknote Book. San Francisco, CA.
  2. "Lithuanian government endorses euro introduction plan". en.15min.lt. 25 February 2013.
  3. Germany Deaf to Currency Reform, New York Times, 5 March 1923, page 22
  4. Vidas Žigas (2002). "Nenukalto auksinio penkiasdešimtličio istorija". Mokslas ir Gyvenimas (in Lithuanian) (9). Archived from the original on 27 September 2006. Retrieved 13 January 2007.
  5. Tom Walker & Anatol Lieven (7 September 1991). "Foreign ministers welcome Baltic states but offer little financial help". The Times.
  6. "ALEX – Historische Österreichische Rechts- und Gesetzestext online – Suche". onb.ac.at.
  7. Romuald J. Misiunas and Rein Taagepera (1993). The Baltic States. University of California Press. p. 32. ISBN   0-520-08228-1.
  8. Peter Gumbel (21 July 1989). "Soviets Are at a Loss About Ethnic Unrest". The Wall Street Journal .
  9. Republic of Lithuania Government (3 February 1993). "LIETUVOS RESPUBLIKOS VYRIAUSYBĖ POTVARKIS" . Retrieved 3 January 2007.
  10. "Forged Coupons Printed in Turkey". BBC Monitoring Service:Former USSR. 27 August 1993.
  11. 1 2 "Lithuania to adopt euro on 1 January 2015" (PDF) (Press release). Council of the European Union. 23 July 2014. Retrieved 20 October 2014.
  12. "Lithuanian litas included in the Exchange Rate Mechanism II (ERM II)". ECB . Retrieved 22 December 2008.
  13. "SEB: no euro for Lithuania before 2013". The Baltic Course. Retrieved 22 December 2008.
  14. "Lithuania's anti-euro camp outstrips supporters: poll". eubusiness.com.

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The lev is the currency of Bulgaria. It is divided in 100 stotinki. In archaic Bulgarian the word "lev" meant "lion", a word which in the modern language became lăv. Stotinka comes from the word "sto" (сто) - a hundred.

Malaysian ringgit currency of Malaysia

The Malaysian ringgit is the currency of Malaysia. It is divided into 100 sen (cents). The ringgit is issued by the Bank Negara Malaysia.

Belize dollar currency

The Belize dollar is the official currency in Belize. It is normally abbreviated with the dollar sign $, or alternatively BZ$ to distinguish it from other dollar-denominated currencies.

Ukrainian hryvnia currency in Ukraine

The hryvnia, sometimes hryvnya ; sign: , code: UAH), has been the national currency of Ukraine since 2 September 1996. The hryvnia is subdivided into 100 kopiyky. It is named after a measure of weight used in medieval Kievan Rus'.

Italian lira currency

The lira was the currency of Italy between 1861 and 2002 and of the Albanian Kingdom between 1941 and 1943. Between 1999 and 2002, the Italian lira was officially a national subunit of the euro. However, cash payments could be made in lira only, as euro coins or notes were not yet available. The lira was also the currency of the Napoleonic Kingdom of Italy between 1807 and 1814.

Cuban peso one of two official currencies in use in Cuba, along with the convertible peso

The peso is one of two official currencies in use in Cuba, the other being the convertible peso. There are currently 25 CUP per CUC.

Azerbaijani manat Currency of Azerbaijan

The manat is the currency of Azerbaijan. It is subdivided into 100 qəpik.

Transnistrian ruble currency of Transnistria

The ruble is the currency of Transnistria and is divided into 100 kopecks. Since Transnistria is a state with limited international recognition and considered as part of Moldova, its currency has no ISO 4217 code. However, unofficially some Transnistrian organisations such as Agroprombank and Gazprombank used the code PRB, a code that would otherwise be reserved for Puerto Rico. The Trans-Dniester Republican Bank sometimes uses the code RUP.

Belarusian ruble currency

The Belarusian ruble or rouble is the official currency of Belarus. The ruble is subdivided into 100 kapeks.

Belgian franc currency of the Kingdom of Belgium from 1832 until 2002

The Belgian franc was the currency of the Kingdom of Belgium from 1832 until 2002 when the Euro was introduced. It was subdivided into 100 subunits, known as centiemen (Dutch), centimes (French) or Centime (German).

Ruble Currencies with "rouble"

The ruble or rouble is or was a currency unit of a number of countries in Eastern Europe closely associated with the economy of Russia. Originally, the ruble was the currency unit of Imperial Russia and then the Soviet Union, and it is currently the currency unit of Russia and Belarus. The Russian ruble is also used in two regions of Georgia, which are considered by Russia as partially recognised states of Abkhazia and South Ossetia. In the past, several other countries influenced by Russia and the Soviet Union had currency units that were also named rubles. One ruble is divided into 100 kopeks.

Lithuanian talonas

The talonas was a temporary currency issued in Lithuania between 1991 and 1993. It replaced the Soviet ruble at par and was replaced by the litas at a rate of 100 talonas = 1 litas. The talonas was only issued as paper money.

Adolfas Šleževičius is a former Prime Minister of Lithuania.

Korean currency historical overview

Korean currency dates back as far as the Goryeo dynasty (918–1392) when the first coins were minted. The coins, cast in both bronze and iron, were called tongbo and jungbo. Additionally, silver vases called ŭnbyŏng were widely used and circulated as a currency among the aristocracy of Goryeo.

The modern coinage of Lithuania was introduced in 1993. It is composed of coins denominated in centas and litas

References

See also

Further reading

First litas
Preceded by:
German Ostmark and German Ostruble
a.k.a. Lithuanian auksinas

Reason: independence (in 1918)
Currency of Lithuania
1922 1941
Succeeded by:
Soviet ruble
Reason: annexation
Second litas
Preceded by:
Lithuanian talonas
Reason: replacement of temporary currency
Currency of Lithuania
1993 2015
Succeeded by:
Euro
Reason: joining the eurozone
Ratio: 1 euro = 3.4528 litai