Lithuanian Litas

LTL, or the Lithuanian litas, was the currency of Lithuania between 1993 and 2015. It was subdivided into 100 centų. The litas was replaced by the euro (€) on 1 January 2015. Lithuania, a country with a population of just over 2.8 million people, joined the European Union (EU) in 2004. As part of the EU’s “Economic and Monetary Union” (EMU), Lithuania committed to eventually replacing its national currency, the litas, with the common European currency, the euro. Lithuania met the criteria for euro adoption in 2007, but chose to delay the transition until 1 January 2015. The litas was first introduced in 1922, replacing the ostmark and ostrog at a rate of 4 litas = 1 ostmark. At first, the litas was pegged to the US dollar at a rate of 15 litas = 1 dollar. After World War II, the litas was pegged to the Soviet ruble at a rate of 0.9 rubles = 1 litas. Lithuania began the process of moving to a market economy in 1990, and the litas was floated on 6 October 1992. A new currency law was passed on 1 March 1993, and the Bank of Lithuania began issuing the litas on 25 March 1993. The litas was pegged to the US dollar at a rate of 4 to 1 from 1994 to 2002, and then to the euro at a rate of 3.4528 to 1 from 2002 to 2006. In preparation for euro adoption, the litas was pegged to the euro at a rate of 3.4528 to 1 from 2006 to 2014. On 1 January 2015, the litas was officially replaced by the euro at a rate of 1 euro = 3.4528 litas. As of 1 January 2015, Lithuania is the 19th country to have adopted the euro.