Established on 1 March 1990, Lietuvos bankas continues the traditions of Lithuania’s central bank that operated during the interwar period.
Below are the key events and milestones that have shaped its development.
2026
International award for financial market development
On 14 June 2023, Lietuvos bankas and its Newcomer Programme received an award from Central Banking for its contribution to global financial innovation.
2023
Centenary of Lietuvos bankas
The year 2022 marked 100 years since the start of operations of Lietuvos bankas. To commemorate this anniversary, Lietuvos bankas organised exhibitions, educational events, conferences, and open-door events. Special collector coins were also issued to mark the occasion.
2022
Gediminas Šimkus appointed Chair of the Board
On 1 April 2021, the Seimas of the Republic of Lithuania appointed Gediminas Šimkus as Chair of the Board of Lietuvos bankas.
2021
Award for contribution to global innovation development
On 28 October 2020, Lietuvos bankas received the Global Impact Award, a Central Banking award for its contribution to global innovation development.
2020
The world’s first digital collector coin
On 23 July 2020, Lietuvos bankas issued LBCOIN, the world’s first digital collector coin.
2020
ECB Governing Council monetary policy meeting in Vilnius
On 5–6 June 2019, the Governing Council of the European Central Bank held its first-ever external meeting in Lithuania.
2019
Launch of CENTROlink
In November 2017, the upgraded CENTROlink – a payment system of Lietuvos bankas – turned a new page in Lithuania’s history of payment services.
2017
Lithuania joins SEPA
On 1 January 2016, Lithuania joined the Single Euro Payments Area (SEPA).
2016
Part of the Eurosystem
With Lithuania joining the euro area on 1 January 2015, Lietuvos bankas became part of the Eurosystem.
2015
Single European currency adopted in Lithuania
On 1 January 2015, Lithuania adopted the single European currency – the euro – to replace the national currency, the litas.
2015
Visit by the ECB President
On 25 September 2014, Mario Draghi, President of the European Central Bank, visited Lietuvos bankas.
2014
This was his first visit to Lithuania. Mr Draghi took part in ‘The Euro in Lithuania: One Market, One Currency, Common Future’, a conference organised in Vilnius and dedicated to the euro adoption, where he presented Vitas Vasiliauskas, Chairman of the Board of Lietuvos bankas, with a symbolic euro star, which is traditionally gifted to the central bank of a country joining the euro area.
Visit by the Managing Director of the IMF
On 18 July 2013, Christine Lagarde, Managing Director of the International Monetary Fund, visited Vilnius.
2013
She met with Members of the Board of the Bank of Lithuania and shared insights at ‘European Economic Integration: Stock Taking of Challenges and Possibilities’, a round-table discussion organised by Lietuvos bankas.
New operating model
On 2 January 2012, Lietuvos bankas implemented a new financial markets supervision model, establishing the Supervision Service to focus on the supervision of financial institutions and settlement of disputes between consumers and financial institutions. Previously, financial institutions were supervised by three state institutions.
2012
Joining TARGET2
On 19 November 2007, Lietuvos bankas, together with seven other central banks, joined TARGET2, the Eurosystem’s payment system, which began operating on the same day. This allowed Lithuania’s financial institutions to make real-time settlements in euro.
2007
European System of Central Banks
Upon Lithuania’s accession to the European Union on 1 May 2014, Lietuvos bankas became a member of the European System of Central Banks, which consists of the European Central Bank and the national central banks of all EU Member States.
2004
First global recognition of a Lithuanian coin
At the Coin of the Year (COTY) awards held in 2002 in Osaka (Japan), Lietuvos bankas received acclaim for its 50 litas silver coin dedicated to the XXVII Olympic Games in Sydney (designed by Antanas Žukauskas) issued in 2000.
2002
Vitas Vasiliauskas appointed Chair of the Board
On 24 March 2011, Vitas Vasiliauskas was appointed as Chair of the Board of Lietuvos bankas.
2011
Litas pegged to the euro
On 2 February 2002, the anchor currency of the litas became the euro. The official exchange rate of the litas was set at LTL 3.4528 to EUR 1.
2002
First foreign bank branch
The first foreign bank entered Lithuania’s banking sector: the Polish Kredyt Bank opened a branch in Vilnius.
1997
Reinoldijus Šarkinas appointed Chair of the Board
On 15 February 1996, Reinoldijus Šarkinas was appointed as Chair of the Board of Lietuvos bankas.
1996
New Law on Lietuvos bankas
On 1 December 1994, the Seimas of the Republic of Lithuania passed a new Law on Lietuvos bankas.
1994
Litas pegged to the US dollar
In 1994, under the Republic of Lithuania Law on the Credibility of the Litas, the litas was pegged to the US dollar at the fixed exchange rate of 4:1. The law also stipulated that the litas issued by Lietuvos bankas would be backed by 100% gold and convertible currency reserves.
1994
Such a decision was taken seeking to ensure relative price stability in the longer period.
Photo by Eugenijus Strioga from Lietuvos bankas' Money Museum publication 'Money in Photography' (2002).
Kazys Ratkevičius appointed Chair of the Board
On 17 November 1993, Kazys Ratkevičius was appointed as Chair of the Board of Lietuvos bankas.
1993
Return of the litas
On 25 June 1993, the litas reappeared in circulation after more than 50 years. It had previously been used as the national currency in the Republic of Lithuania in 1922–1940.
1993
Romualdas Visokavičius appointed Chair of the Board
On 23 March 1993, Romualdas Visokavičius was appointed Chair of the Board of Lietuvos bankas.
1993
IMF membership
On 29 April 1992, Lithuania joined the International Monetary Fund.
1992
Creation of the national currency system
On 1 October 1992, the national monetary unit, the talonas, became the only legal tender in Lithuania. The circulation of roubles was discontinued.
1992
Return to the oldest international financial organisation
On 30 June 1992, Lithuania restored its membership in the Bank for International Settlements (BIS), located in Basel (Switzerland), and the BIS shares previously held by Lietuvos bankas since 1931 were returned.
1992
Return of interwar gold
On 14 February 1992, Lietuvos bankas reclaimed its gold holdings from the Central Bank of France and, on 31 March, the gold reserves held at the Bank of England until World War II were returned.
1992
First shipment of litas banknotes
On 29 November 1991, Lietuvos bankas received the first shipment of litas banknotes, printed in the US by the United States Banknote Corporation.
1991
Litas Committee
On 5 November 1991, the Supreme Council of the Republic of Lithuania-Reconstituent Seimas passed the Law on the Issue of Currency, stipulating that the litas and its 100th part, the centas, were now the currency of Lithuania.
1991
First shipment of litas coins
On 31 October 1991, Lietuvos bankas received the first shipment of litas circulation coins (10, 20, 50 centas and 1, 2, 5 litas) minted at the Birmingham Mint in the UK.
1991
Vilius Baldišis appointed Chair of the Board
On 31 July 1990, Vilius Baldišis was appointed as Chair of the Board of Lietuvos bankas.
1990
Bronius Povilaitis appointed Chair of the Board
On 13 March 1990, Bronius Povilaitis was appointed as Chair of the Board of Lietuvos bankas.
1990
Establishment of Lietuvos bankas
Lietuvos bankas was established on 1 March 1990, continuing the traditions of the central bank that had operated in the interwar period.
1990
The present Lietuvos bankas continues the traditions of the central bank that had operated in the inter-war period. Despite harsh conditions, Lietuvos bankas opened its doors right after the re-establishment of Independence. The Soviet Union declared an economic blockade against Lithuania and used various means of oppression, including disruption of payments. It was necessary to receive financing, form the bank’s structure, bring together experts, find a building and communications equipment, and create the necessary legal environment for activities.
Prohibition of settlements in litas
On 25 March 1941, settlements in litas were prohibited. The litas was replaced by the rouble.
1941
Lietuvos bankas as part of the USSR State Bank
On 3 October 1940, Lietuvos bankas was incorporated into the USSR State Bank.
1940
Aleksandras Drobnys appointed Governor
On 24 September 1940, Aleksandras Drobnys was appointed as Governor of Lietuvos bankas.
1940
Nationalisation of Lietuvos bankas
The Act of Nationalisation of Lietuvos bankas was approved on 1 August 1940.
1940
Juozas Paknys appointed Governor
On 25 October 1939, Juozas Paknys was appointed as Governor of Lietuvos bankas.
1939
Juozas Tūbelis appointed Governor
On 1 October 1938, Juozas Tūbelis was appointed as Governor of Lietuvos bankas.
1938
Establishment of a mint
A mint was established in Kaunas, and litas coins began to be minted in Lithuania.
1936
Lietuvos bankas as a member of the BIS
Lietuvos bankas became a member of the Bank for International Settlements (BIS), located in Basel (Switzerland).
1931
Vladas Stašinskas appointed Governor
On 10 June 1930, Vladas Stašinskas was appointed as Governor of Lietuvos bankas.
1930
Lietuvos bankas' building opened in Kaunas
On 8 December 1928, Lietuvos bankas’ building in Kaunas, one of the most impressive buildings in Lithuania at the time, was ceremoniously opened.
1928
Issue of 1000 litas banknotes
On 23 February 1926, 1000 litas banknotes were issued into circulation. 1000 litas was the largest denomination in Lithuania’s monetary history.
1926
Delivery of the first litas coins
In January 1925, the first litas coins were delivered to the port of Klaipėda.
1925
Issue of 500 litas banknotes
On 28 September 1925, 500 litas banknotes were issued into circulation.
1925
Law on Coins
On 20 June 1924, the Seimas adopted the Law on Coins. The coins were minted in Great Britain according to models created by the sculptor Juozas Zikaras.
1924
Issue of 10 and 50 litas banknotes
10 litas banknotes were issued into circulation in February 1923, and 50 litas banknotes were issued in March.
1923
Temporary litas banknotes
On 2 October 1922, temporary litas banknotes printed at the Otto Elsner printing house in Germany were issued into circulation.
1922
Lietuvos bankas launched operations
On 2 October 1922, Lietuvos bankas officially launched its operations.
1922
Vladas Jurgutis appointed Governor
On 27 September 1922, the inaugural meeting of shareholders of Lietuvos bankas elected the first Board of Lietuvos bankas and appointed Prof. Vladas Jurgutis as Governor.
1922
Laws on the Currency Unit and Lietuvos bankas
On 9-11 August 1922, the Law on the Currency Unit and the Law on Lietuvos bankas were passed by the Constituent Seimas.
1922
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Last update: 01-03-2020