A Successful Euro Changeover in Lithuania

16 January 2015

Lithuania’s changeover from the litas to the euro has been smooth and successful. As of today, it is no longer possible to make payments in Lithuanian litas, the 15 days dual circulation period having ended on 15 January. No major problems were encountered and banks, post offices and retailers coped well with the extra workload caused by the changeover process and the parallel handling of two currencies.

According to a Commission survey[1], on Wednesday 14 January 2015, nearly nine out of ten citizens made cash payments in shops in euro only. Virtually all customers were getting their change in euro. About two out of three citizens polled said they carry only euro cash in their wallets.

Litas may still be exchanged free of charge at the official conversion rate (3.45280 litas to one euro) at the Lithuanian Post and some credit unions until 1 March 2015 and at commercial banks until 30 June 2015 (at some 90 bank branches all year long). Bank of Lithuania will exchange litas into euro for an unlimited period of time and free of charge.

With a view to preventing abusive practices and dispelling erroneous perceptions of the evolution of prices, prices will have to be displayed in euro and litas until 30 June 2015.

For more information on the Lithuanian changeover see:

http://ec.europa.eu/economy_finance/articles/euro/2015-01-01-lithuania-getting-euro_en.htm

Lithuania’s national changeover website:

http://www.euras.lt

For more information on the euro see:

http://ec.europa.eu/economy_finance/euro/index_en.htm

[1] Flash Eurobarometer 410. Questions asked on 14 January 2015.

This content is courtesy of the European Union Newsroom.  See original article here.