Lithuanian litas
| Lithuanian litas | |
|---|---|
| Lietuvos litas (Lithuanian) | |
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500 litai banknote (observe and reverse)
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| ISO 4217 | |
| Code | LTL |
| Number | 440 |
| Exponent | 2 |
| 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 | 10, 20, 50, 100, 200, 500 litų |
| Coins | 1 centas, 2, 5 centai, 10, 20, 50 centų, 1 litas, 2, 5 litai |
| Demographics | |
| User(s) | None, previously: Lithuania
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| Issuance | |
| Central bank | Bank of Lithuania |
| Website | www |
| Valuation | |
| Inflation | 1.4% |
| Source | European Central Bank, April 2013 |
| Method | HICP |
| ERM | |
| Since | 28 June 2004 |
| Fixed rate since | 2 February 2002 |
| Replaced by €, cash | 1 January 2015 |
| € = | 3.45280 Lt |
| Band | pegged in practice, 15% de jure |
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This infobox shows the latest status before this currency was rendered obsolete.
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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. 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 January 1, 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.
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.
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. 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, falling to about 20 U.S. cents before its disappearance in 1941.
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Wikipedia