Currencies of Lithuania: Lithuanian Litas |  | Creator: Books LLC
Publisher: Books LLC
Category: Book
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Media: Paperback
Pages: 40
Number Of Items: 1
Shipping Weight (lbs): 0.2
Dimensions (in): 9 x 6 x 0.1
ISBN: 1156239311
Dewey Decimal Number: 337
EAN: 9781156239315
ASIN: 1156239311
Publication Date: May 31, 2010
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Product Description
Purchase includes free access to book updates online and a free trial membership in the publisher's book club where you can select from more than a million books without charge. Excerpt: The Lithuanian litas (ISO currency code LTL, symbolized as Lt; plural litai or lit) is the currency of Lithuania. It is divided into 100 cent (genitive case; singular centas, nominative plural centai). The litas was first introduced in 1922 after World War I, when Lithuania declared independence and was reintroduced on June 25, 1993, following a period of currency exchange from the ruble to the litas with the temporary talonas then in place. The name was modeled after the name of the country (similarly to Latvia and its lats). From 1994 to 2002, the litas was pegged to the U.S. dollar at the rate of 1 to 4. Currently the litas is pegged to the euro at the rate of 3.4528 to 1. Euro was expected to replace the litas by January 1, 2010, but due to the current rate of inflation and the economic crisis, this date will be delayed for another three years until 1 January 2013. The first litas was introduced on October 2, 1922, replacing the ostmark and ostruble, both of which had been issued by the occupying German forces during World War I. The ostmark was known as the auksinas in Lithuania. The litas was established at a value of 10 litas = 1US dollar and was subdivided into 100 cent. In the face of world wide economic depression, the litas appeared to be quite a strong and stable currency, reflecting the negligible influence of the depression on the Lithuanian economy. One litas was covered by 0.150462 grams of gold stored by the Bank of Lithuania in foreign countries. In March 1923, the circulation amounted to 39,412,984 litai, backed by 15,738,964 in actual gold and by 24,000,000 in high exchange securities. It was required that at least one third of the total circulation would be covered by gold and the rest by other assets. By 1938, 1 U.S. dol... More: http://booksllc.net/?id=575792
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