Cash issue and withdrawal from circulation

n359/i_apyvarta.jpgOn 1 January 2015 the Bank of Lithuania became part of the Eurosystem and together with the other 18 national central banks within the Eurosystem was granted the right to issue and withdraw from circulation euro banknotes and coins.

The Bank of Lithuania is responsible for meeting the demand for euro banknotes in the country. Banknotes are only printed at printing houses accredited by the European Central Bank and well-known in Europe. Euro coins, by order of the Bank of Lithuania, are minted at the UAB Lithuanian Mint, operating in Vilnius. This Mint also strikes collectors (commemorative) coins issued by the Bank of Lithuania.

The Bank of Lithuania has been given the status of National Analysis Centre and Coin National Analysis Centre in Lithuania. Exercising the powers conferred to it, it performs analysis of the genuineness of euro banknotes and coins. In addition, specialists of the Bank of Lithuania perform expert examinations and genuineness analyses of the acceptability of damaged euro banknotes and coins.

In order to ensure that only cash of good quality is in circulation, the Bank of Lithuania uses modern, fully automated banknote and coin handling equipment. Cash which is returned from circulation to the Bank of Lithuania in Vilnius and the Bank’s branch in Kaunas is not only recounted, sorted, but the level of its fitness is also established. Euro banknotes and coins unfit for circulation are destroyed, while those of good quality are recirculated. Seeking smooth circulation of cash, the Bank of Lithuania maintains its stocks and ensures its secure storage in a timely manner.

The Bank of Lithuania monitors how cash handlers — credit institutions, other payment service providers and economic agents — handle cash, inspects whether they comply with cash handling requirements and recirculate the euro only genuine and fit for circulation.


Updated 24/08/2015