Lithuanian litas

Lithuanian litas
Lietuvos litas (Lithuanian)
200 LTL banknote
ISO 4217
CodeLTL
Unit
Plurallitai (nom. pl.) or litų (gen. pl.) or litu (nom. dl. in pre-war period)
SymbolLt‎ (litas), ct (centas)
Denominations
Subunit
1100centas
Plural
centascentai (nom. pl.) or centų (gen. pl.) or centu (nom. dl. in pre-war period)
Banknotes
 Freq. used10, 20, 50, 100, 200 litų
 Rarely used1, 2, 5, 500 litų
Coins
 Freq. used1 centas, 2, 5, 10, 20, 50 centų (centai), 1 litas, 2, 5 litai
Demographics
Date of introduction25 June 1993
ReplacedLithuanian talonas
User(s)None, previously:
 Lithuania
Issuance
Central bankBank of Lithuania
 Websitelb.lt
Valuation
Inflation1.4%
 SourceEuropean Central Bank, April 2013
 MethodHICP
EU Exchange Rate Mechanism (ERM)
Since28 June 2004
Fixed rate since2 February 2002
Replaced by euro, non cash1 January 2015
Replaced by euro, cash16 January 2015
1 € =3.45280 Lt (permanent)
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 Soviet 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 LTL 3.4528 to 1.[2] Nevertheless, coins and banknotes of the second litas will be exchanged indefinitely into euros by the Bank of Lithuania.[3]

  1. ^ Linzmayer, Owen (2013). "Lithuania". The Banknote Book. San Francisco, CA.{{cite book}}: CS1 maint: location missing publisher (link)
  2. ^ "Lithuanian government endorses euro introduction plan". en.15min.lt. 25 February 2013.
  3. ^ https://www.lb.lt/en/exchange-of-litas-into-euro#ex-1-1 [bare URL]