Bank of Lithuania
2025

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.

Centenary of Lietuvos bankas
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. 

Gediminas Šimkus appointed Chair of the Board
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. 

Award for 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. 

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.

ECB Governing Council monetary policy meeting in Vilnius
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. 

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. 

Single European currency adopted in Lithuania
2015

Visit by the ECB President

On 25 September 2014, Mario Draghi, President of the European Central Bank, visited Lietuvos bankas. 

Visit by the ECB President
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. 

Visit by the Managing Director of the IMF
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. 

European System of Central Banks
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. 

First global recognition of a Lithuanian coin
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.

First foreign bank branch
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.

Litas pegged to the US dollar
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.

Return of the litas
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.

Return to the oldest international financial organisation
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.

Return of interwar gold
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. 

First shipment of litas banknotes
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. 

Litas Committee
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.

First shipment of litas coins
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.

Establishment of Lietuvos bankas
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. 

Prohibition of settlements in litas
1941

Lietuvos bankas as part of the USSR State Bank

On 3 October 1940, Lietuvos bankas was incorporated into the USSR State Bank.

Lietuvos bankas as part of the USSR State Bank
1940

Aleksandras Drobnys appointed Governor

On 24 September 1940, Aleksandras Drobnys was appointed as Governor of Lietuvos bankas.

Aleksandras Drobnys appointed Governor
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.

Juozas Paknys appointed Governor
1939

Juozas Tūbelis appointed Governor

On 1 October 1938, Juozas Tūbelis was appointed as Governor of Lietuvos bankas.

Juozas Tūbelis appointed Governor
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.

Vladas Stašinskas appointed Governor
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.

Lietuvos bankas' building opened in Kaunas
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.

Delivery of the first litas coins
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.

Law on Coins
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. 

Temporary litas banknotes
1922

Lietuvos bankas launched operations

On 2 October 1922, Lietuvos bankas officially launched its operations. 

Lietuvos bankas launched 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. 

Vladas Jurgutis appointed 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.

Laws on the Currency Unit and Lietuvos bankas
1922
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Last update: 06-04-2017