At a meeting with regional journalists Reinoldijus Sarkinas says he is confident of the adoption of the euro as planned

“I am still confident that we will meet all the requirements and will be allowed to adopt the euro from the start of next year. On the other hand, doubts are raised about our ability to meet all Maastricht criteria this year. But if you doubt the result, why should you even start... But once you started, you should work to the end and do the job well. We have to prove with figures and results that Lithuania is ready to adopt the euro,” said the head of the Bank of Lithuania.

In his view, the work in preparing for the changeover was on track and Lithuania had every opportunity to adopt the euro as planned.

Mr Sarkinas stressed that substituting one currency for another does not create preconditions to raise prices, and these two things should not be linked.

He also mentioned that the rounding of amounts in litas related to the payment of wages, pensions and state benefits (minimum hourly compensation, minimum monthly wages, base hourly compensation, base pension, etc.) upon conversion to the euro will be done for the benefit of the beneficiary. This, he said, will require additional expenditure from the state budget and the state social insurance fund.

Mr Sarkinas advised the population to keep their money in banks as litas deposits will be immediately converted to the euro upon the adoption of the EU single currency and people will not have to worry about exchanging cash.

The head of the central bank also mentioned the possibility, still under consideration, of setting up mobile currency exchange points which would visit rural areas to facilitate easier cash changeover.

He also urged the press to publish objective and comprehensive information on the adoption of the euro to allow people to be well prepared for this important event.