The government first introduced the litas in 1922. It was January … Also, a list of famous people was compiled in order to determine who should be featured for its currency. How Many Countries Still Have Shilling As The Currency. A poll by Eurobarometer in April 2013 found that 41% of Lithuanians supported switching to the euro, while 55% were opposed. Not even the turbulent times of the financial crisis of 2007-2008 could stop Latvia’s determination to become a full pledged member. Lithuania is about to issue the first central bank-produced digital coin in the euro zone, part of a project to trial state-backed digital currencies and blockchain technology in everyday use. [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. Lithuania postponed its euro day several times, since the country did not meet the convergence criteria. [17] In February 2013, the government of Lithuania approved a plan for euro adoption in 2015.

200 litų notes were introduced in 1997, followed by 500 litų in 2000. Lietuvos Rytas journalists investigated the production of the litas and found that for a while it was purposely held back. Reference values from the ECB convergence report of June 2013. But things can also turn out, that we may try to adopt the euro together with Latvia in January 2014. The litas was pegged to the euro at the rate of 3.4528 to 1 since 2002. All these coins were designed by the sculptor Juozas Zikaras (1881–1944). In November 1990, the Bank of Lithuania decided to work with the United States Banknote Corporation (now American Banknote Corporation).

The design of Lithuanian euro coins had already been prepared. 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. [56] Immediately after the start of the New Year, Prime Minister Algirdas Butkevicius made the country's first cash withdrawal in euros. On the same day the reichsmark replaced the litas as the official currency of the region, with 1 litas being exchanged for 40 pfennig. The euro was expected to replace the litas by 1 January 2007, but persistent high inflation and the economic crisis delayed the switch. In the interwar period Lithuania stored its gold reserves in foreign banks. From 2002 to 2015, Lithuania pegged its currency to the euro at a fixed rate of 3.4528 litas for 1 euro. [1] The name was modeled after the name of the country (similar to Latvia and its lats). [52], The designs of the Lithuanian coins share a similar national side for all denominations, featuring the Vytis symbol and the name of the country, "Lietuva". Also Lithuania needed to gather funds to form a stabilisation fund. Reference values from the ECB convergence report of June 2014. 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. Sweden, Ireland and Slovenia were the reference states. The litas became part of the ERM II on 28 June 2004. Denominations below 5 litai were replaced by coins in 1925. [8] In December 1989, artists were asked to submit sketches of possible coin and banknote designs. Some claim that the Russian secret services were behind the affair. 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.

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