2005-04-05
Draft Law on the Adoption of the Euro presented to interested institutions and organisations for co-ordination
The Law of the Republic of Lithuania on the Adoption of the Euro in the Republic of Lithuania drafted by the Bank of Lithuania experts has been forwarded to interested ministries, other state institutions and business organisations for co-ordination. They have been requested to present their comments and proposals to the Bank of Lithuania by 20 April.
The draft establishes the procedure for the litas exchange into the euro from the date of the adoption of the euro, the application of the exchange rate, the rounding of intermediate and final recalculation results; it also specifies how balances in bank accounts should be converted and nominal values of debt securities redenominated in the euro. The draft also lays down the requirements concerning dual display of prices in the euro and in the litas for a certain period of time.
Having assessed the benefits of the euro and the necessity to be fully prepared for the changeover, the Bank of Lithuania believes that 1 January 2007 is the most adequate date for the introduction of the euro in Lithuania.