5 November in the history of the Bank of Lithuania


26 years ago, on 5 November 1991, the Supreme Council - Restoration Seimas of the Republic of Lithuania adopted the Law on the Issuance of Money of the Republic of Lithuania which declared litas with its subunit centas as the national currency of Lithuania.

The Litas Committee was also formed on this day. It adopted the Resolution on the Preparation of the Monetary Reform of the Republic of Lithuania, which provided for the formation of Litas Adoption Committees in towns and districts of republican subordination. The Committee was composed of Vytautas Landsbergis, Chairman of the Supreme Council of the Republic of Lithuania, Gediminas Vagnorius, Prime Minister of the Republic of Lithuania, and Vilius Baldišis, Chairman of the Board of the Bank of Lithuania. After this committee was established, the preparation of the documents for the adoption of litas gained even more momentum. The Bank of Lithuania helped to organise these commissions, controlled and coordinated their activity and formed the principles of the preparatory work for the adoption of currency for them. Soon, the currency exchange rules were set, the procedures of money transportation and protection were established and so on.

Last updated: 2021-06-12