- published: 24 Jan 2015
- views: 30872
The Lithuanian litas (ISO currency code LTL, symbolized as Lt; plural litai or litų) is the currency of Lithuania. It is divided into 100 centų (genitive case; singular centas, nominative plural centai). The litas was first introduced in 1922 after World War I, when Lithuania declared independence and was reintroduced on June 25, 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 (similarly 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. Currently the litas is pegged to the euro at the rate of 3.4528 to 1. The euro was expected to replace the litas by January 1, 2010, but due to the current rate of inflation and the economic crisis, this date will be delayed for another four years until 1 January 2014.
The first litas was introduced on October 2, 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.