litas

The litas was the official currency of Lithuania from 1993 to 2015. Its ISO code was LTL and its symbol was Lt. The litas was subdivided into 100 centų and was issued by the Bank of Lithuania (Lietuvos bankas). It replaced the talonas, which had been used after independence from the Soviet Union.

Historically, Lithuania introduced the talonas as a transitional currency in the early 1990s and then launched the litas in 1993 to establish a modern monetary system. The transition marked Lithuania’s move toward price stability and integration with Western financial practices. Banknotes were issued in several denominations and coins covered smaller units, reflecting typical decimal currency design of the time.

In the early 2000s, Lithuania prepared for European monetary integration by joining the European Union’s Exchange Rate Mechanism II (ERM II) and pursuing euro convergence criteria. On 1 January 2015, Lithuania adopted the euro, and the litas ceased to be legal tender. The fixed exchange rate at the moment of transition was 1 EUR = 3.4528 LTL.

Today, the litas survives as a historical currency in Lithuania. It is discussed in economic history and is of interest to collectors and researchers. The euro is the sole legal tender in Lithuania, and the Bank of Lithuania maintains archives and information about the litas for historical reference.