- Issues into circulation euro banknotes and coins, withdraws worn euro from circulation
- Exchanges litas into euro and worn or damaged euro into euro fit for circulation free of charge
- Organises issuance of Lithuanian commemorative and collector euro coins
- Sells numismatic items online
Deivis Stankevičius, Director of the Cash Department
Our primary task is to supply banks operating in the country with euro cash; they, in turn, provide it to residents and corporates. Euro banknotes and coins unfit for circulation are returned to the Bank of Lithuania and destroyed. Stocks of euro banknotes and coins, ensuring smooth circulation of cash, are stored in the Bank of Lithuania vaults in Vilnius and Kaunas. To replenish the stocks, we receive shipments of new euro banknotes from different euro area countries, where they are printed. Under the direction of the European Central Bank, national central banks reallocate their banknote holdings, so that there is no shortage or surplus of them in any country. Hence we sometimes send money shipments to other euro area central banks. New euro coins are struck at the Lithuanian Mint, located in Vilnius.
Being part of the euro area and using the single European currency – the euro, Lithuania, like the other members, has the right to issue collector and commemorative euro coins. Our Department is responsible for their creation, mintage and issuance into circulation. We analyse proposals from state authorities, education institutions, public organisations, and private persons concerning themes for coins, and submit them to the Coin Creation Commission for consideration. The Commission confers with renowned artists and historians. The Board of the Bank of Lithuania has the final say on what coins are to be issued, approving the plan for issue of numismatic items. Based on the plan, we issue Lithuanian collector and commemorative coins.
Our Department is in charge of two cash offices in Vilnius and Kaunas, where residents may exchange euro banknotes into larger or smaller denominations in limited amounts free of charge, purchase (exchange) uncirculated circulation and commemorative euro coins with the Lithuanian national side at nominal value, and submit euro and litas banknotes for evaluation. The cash offices exchange litas into euro and worn or damaged euro into currency fit for circulation free of charge.
Seeking to manage cash more effectively, we implemented a cash supply system reform, allowing private cash handlers to be more involved in the process and improve the quality of services provided. For customer convenience, we will be opening an e-shop that will sell collector and commemorative coins issued by the Bank of Lithuania as well as other numismatic items.