2015-01-09
On Friday, 9 January, the amount of euro in circulation in the country exceeded the amount of litas. According to the Bank of Lithuania data, on Friday, euro amounted to 50.4 per cent, while litas — 49.6 per cent of all cash in circulation. The euro began to dominate in circulation a day earlier than the same happened in Latvia and Estonia.
“The public is transitioning to the new currency not only smoothly, but also quickly, and the euro has already established itself in the purses of a large part of the population. We would like to remind those who still have litas that they will still be exchanged free of charge for a long time, while at the Bank of Lithuania — for an unlimited time. Therefore, if there is no urgent need, we recommend you don’t rush. This way you will avoid lines,” says Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.
On 9 January, there was EUR 1.25 billion (50.4%) and EUR 1.23 billion (49.6%) in litas in circulation. The total amount of cash — EUR 2.48 billion. In Estonia and Latvia, which adopted the euro in 2011 and 2014 respectively, such a turning point was reach slightly later — 10 days after the euro adoption.
In total, up until 7 January, more than LTL 1.03 billion (EUR 298.4 million) was exchanged at 700 exchange location in commercial banks, credit unions, post offices and the Bank of Lithuania. Residents have executed almost 400 thousand currency exchange operations. During the aforementioned period, more than LTL 124 million was deposited in, while EUR 127 million (LTL 439 million) was issued from ATMs.
Prior to 31 December, according to bank applications, during the sub-frontloading more than EUR 622 million was issued. Therefore, during the first nine days of January, the amount of euro in circulation grew by more than two times.
Cash exchange was facilitated by the fact that with residents more often choosing electronic payment instruments, by depositing cash savings in accounts, from the beginning of last year until 31 December, litas in circulation decreased by half.
At distribution and service provision locations litas may be used for payments until 15 January, while change must be returned in euro. Litas will be exchanged to euro, free of charge, at a fixed exchange rate — 3.4528 for one euro — at the Lithuania Post and some credit unions for 60 calendar days from the euro adoption, while at commercial banks — for half a year, and at some branches of commercial banks — all year long. The Bank of Lithuania will exchange litas into euro free of charge for an unlimited period of time.
Detailed information about currency exchange locations and their working hours is published on the Bank of Lithuania website and www.euras.lt; this information is also provided through the free euro phone line 8 800 34520.