About the Euro Adoption in Lithuania
Euro and Lithuania
The Procedure for the Adoption of the Euro in Lithuania
The Procedure for the Adoption of the Euro in Lithuania
The National Plan for the Adoption of the Euro denotes the euro adoption (changeover from the litas to the euro) main points and mechanisms guaranteeing consumer protection, a smooth transition to the euro and heightening of public awareness.
No less than 120 calendar days up to the adoption of the euro, and no less than 120 calendar days subsequent to the adoption – this is the period during which prices must be displayed in both litas and euro. This is one of the most effective mechanisms to help consumers be aware of prices and thus prevent price gouging because of the euro adoption. Employers, payers of pension and social security benefits will need to provide recipients the possibility to find out their salary, pension, and social security payment amounts in euro for 120 days up to adoption of the euro.
There will be a 15 calendar day period from adoption of the euro, during which cash litas and euro will circulate simultaneously. One will be able to use euro or litas banknotes or coins. The duration of this dual circulation period was arrived at by taking into account the technical capacity of banks and retailers to get euro cash and to collect litas cash, as well as practical experience of the euro zone countries, along with Lithuania’s experience in introducing the litas. Payment will also be able to make wither in euro or litas at automatic payment points during this period. Subsequent to the expiry of the dual circulation period, automatic payment points will transact only in euro.
Commercial banks will exchange litas to euro at no charge for 60 calendar days after adoption of the euro. The Bank of Lithuania will do so for an unlimited time.
