The Parliament is a single-chamber legislative body. Before then, its currency, the litas, was pegged to the euro at 3.4528 litas to 1 euro. One litas was covered by 0.150462 grams of gold stored by the Bank of Lithuania in foreign countries. If any of these states have bond yields which are significantly larger than the similarly averaged yield for the eurozone (which according to previous ECB reports means more than 2% above) and at the same time does not have complete funding access to financial markets (which is the case for as long as a government receives bailout funds), then such a state is not be included in the calculation of the reference value. The newly appointed chair, Romualdas Visokavičius, moved things quickly and won the trust of the public. For a while a peg was considered to a basket of currencies: the European Currency Unit. "[16] However, in January 2013 the Prime Minister announced that the government and the Bank of Lithuania had agreed on a target date of 2015. It was January … At first the Lithuanian government negotiated in vain with François Charles Oberthur, a printing company located in France to print the banknotes. All members of the European Union, except Denmark are required by treaty to join the euro once certain economic criteria have been met. [54] In January 2014 it was announced that all coins will have "2015" printed on them to display the year of Lithuania's euro adoption. 57% of respondents said the Government acted wrongly by introducing the euro without a referendum on the issue. However, it is estimated that at the time of the introduction of the new currency, Lithuania gathered only $120 million for the stabilisation fund. A lot of shops printed prices in several different currencies, including dollars, and the economy was very "dollarised" as it was legal to make trades in foreign currencies. The 1 centas, 2, 5 centai pieces were minted in aluminium, the 10, 20, 50-centų in bronze and the litas coins were of cupro-nickel. For a brief while it was kept a secret so as not to further damage the reputation and trust in the litas. "[2][3] Lithuania is the only country initially to have been denied approval to adopt the euro after requesting a convergence check. The Lithuanian litas participated in ERM II since 28 June 2004, and was pegged to the euro at a rate of 3.45280 litai = €1. "[63], Rotation of voting rights in the ECB Governing Council, The rate of increase of the 12-month average. The euro is coded as EUR and used with the sign €. In Brussels, the European Commission building was draped with a banner welcoming Lithuania to the Eurozone. The most commonly used banknotes before the euro currency were 500, 200, 100, 50, 20, and 10 litų. Location on the EU map Trying to protect the value of the currency, people started to massively buy which, together with a downfall in production (following nationalization), caused material shortages. [12] the EU's exchange rate mechanism. In 1993, banknotes (dated 1991) were issued in denominations of 1 litas, 2, 5 litai, 10, 20, 50, 100 litų. 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. The Bank of Lithuania is responsible for the country's currency, in collaboration with the European Central Bank. [14] On 23 July 2014, the Council of the European Union adopted a decision allowing Lithuania to adopt the euro as its currency on 1 January 2015.
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