2002-07-26
Although 1,2 and 5 Litas denomination banknotes have been constantly withdrawn from circulation, they will further be valid and serve as legal tender for payments and settlements until their final substitution by respective denomination coins. According to Arūnas Dulkys, Director of the Bank of Lithuania Cash Department:
“The number of circulating smallest denomination banknotes is very insignificant and seldom used by people for payments. Therefore, instances have been observed, when trade organisations or individual traders refuse to accept the smallest denomination banknotes in making settlements because they think that the mentioned banknotes have already been withdrawn from circulation. They should not behave this way, on the one hand. On the other, commercial banks that render services to enterprises are obliged to return warn out banknotes of this denomination to the central bank”.
According to the data as of 24 July 2002, 3.7 % of 1 Litas denomination, 2.3 % of 2 Litas denomination and 1.2 % of 5 Litas denomination from earlier issues of this denomination banknotes are still in circulation. Circulating banknotes of this denomination compared to circulating coins of the same denomination represent the following amount, respectively: 15% of 1 Litas banknotes against 85% of this denomination coins, 12% of 2 Litas banknotes against 88 %, of coins, and 10% of 5 Litas banknotes against 90% of 5 Litas coins.
Only the 1991 issue 10, 20,50, and 100 Litas banknotes have been withdrawn from circulation and are no longer valid as legal tender for payments and settlements. However, without time limit, these banknotes have been and will remain payable free of charge in the Bank of Lithuania Cashier’s Offices in Vilnius, Kaunas and Klaipėda.