Lithuanian litas

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 Soviet 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 1 January 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 ostrubel, 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, rising to about 20 U.S. cents before its disappearance in 1941.

About this result

This page is automatically generated and may contain information that is not correct, complete, up-to-date, or relevant to your search query. The same applies to every other page on this website. Please make sure to verify the information with EPFL's official sources.

Related concepts (16)

Mindaugas

Mindaugas (Myndowen, Mindowe, Мендог, Міндоўг, Mendog; c. 1203–1263) is the first known Grand Duke of Lithuania and the only crowned King of Lithuania. Little is known of his origins, early life, or rise to power; he is mentioned in a 1219 treaty as an elder duke, and in 1236 as the leader of all the Lithuanians. The contemporary and modern sources discussing his ascent mention strategic marriages along with banishment or murder of his rivals. He extended his domain into regions southeast of Lithuania proper during the 1230s and 1240s.

Council of Lithuania

In the history of Lithuania, the Council of Lithuania (Lietuvos Taryba; Litauischer Staatsrat; Rada Litewska), after July 11, 1918, the State Council of Lithuania (Lietuvos Valstybės Taryba) was convened at the Vilnius Conference that took place between 18 and 23 September 1917. The twenty men who composed the council at first were of different ages, social status, professions, and political affiliations. The council was granted the executive authority of the Lithuanian people and was entrusted to establish an independent Lithuanian state.

EuroBasket 1939

The 1939 FIBA European Championship, commonly called FIBA EuroBasket 1939, was the third FIBA EuroBasket regional basketball championship, held by FIBA. Eight national teams affiliated with the International Basketball Federation (FIBA) took part in the competition. Defending champions Lithuania hosted the tournament, held in Kaunas Sports Hall. The prices for tickets were high at the time: The price for a seat was 2.5–5 LTL, and for a standing spot 1.5–2 LTL.