200 litų notes were introduced in 1997, followed by 500 litų in 2000. The main reasons for this fixation was little trust in the emerging monetary system, fear of high fluctuations in currency exchange rates, desire to attract foreign investors, and "Litai" redirects here. All had the The first coins were minted in the United Kingdom and arrived in Lithuania on 31 October 1990. At first the Lithuanian government negotiated in vain with In November 1991, the Currency Issue Law was passed and the Litas Committee was created. Another alternative was the Due to poor banknote quality (both talonas and early litas) it was easy to counterfeit them. It was divided into 100 centų (genitive case; singular centas, nominative plural centai). The litas was first introduced on 2 October 1922 after World War I, when Lithuania declared independence and was reintroduced on 25 June 1993, following a period of currency exchange from the ruble to the litas with the temporary talonasthen i… The But when the new issue of litas banknotes was redesigned, reprinted, and introduced in June 1993, it was found that the quality of the money was still too low and the banknotes would have to be redesigned further in the future. The newly appointed chair, Romualdas Visokavičius, moved things quickly and won the trust of the public. The first litas was introduced on 2 October 1922, replacing the The litas was established at a value of 10 litų = 1 US dollar and was subdivided into 100-centų. Lithuania needed to find about 200 million U.S. dollars to form the stabilisation fund. In the face of The litas was replaced by the Soviet ruble in April 1941 after Lithuania was annexed by the Coins were introduced in 1925 in denominations of 1 centas, 2 centai, 5 centai, 10, 20, 50-centų, and 1 litas, 2 litu, 5 litai, with the litas coins in silver. The litas became Lithuania's currency once more on 25 June 1993, when it replaced the temporary In 1993, banknotes (dated 1991) were issued in denominations of 1 litas, 2, 5 litai, 10, 20, 50, 100 litų. Officials waited for a while for the economy to stabilise so as not to expose the young litas to inflation. The talonas was never really trusted by the people and the ruble was very unstable. In 1993, coins were introduced (dated 1991) in denominations of 1 centas, 2, 5 centai, 10, 20, 50-centų, and 1 litas, 2, 5 litai. First, it sought to recover its pre-war gold reserves (about 10 tonnes) from France, the United Kingdom, Switzerland, etc. Thus, people started using U.S. dollars as a stable currency. Later, all coins were minted in the Officials started to prepare for the introduction of the litas even before independence was declared, it was thought to introduce the litas alongside the ruble even if Lithuania remained a part of the Soviet Union.The Bank of Lithuania was established on 1 March 1990.
10 litų coins were introduced in 1936. However, in October he was asked to resign mostly because of his involvement with a private bank "Litimpex." On 25 June 1993, the litas was finally introduced at the rate of 1 litas to 100 In July, circulation of the talonas was stopped and on 1 August 1993, the litas became the only legal tender. After the occupation in 1940 those reserves were deemed "nobody's": there was no Lithuania and most Western countries condemned the occupation as illegal and did not recognise the Soviet Union as a successor. In 1997, nickel-brass 10, 20, 50-centų coins were introduced, followed by cupro-nickel 1 litas, bimetallic 2 and 5 litai in 1998.
All these scandals and the small backup of gold reserve (about $120 million instead of $200 million) damaged the reputation of the litas. Due to poor designs, these were found to be easily copied and a second series of notes was swiftly introduced in denominations of 1 litas, 2, 5 litai, 10, 20, 50 litų, with only the 100 litų notes of the first series remaining in circulation. Ten days later Lithuania declared its independence from the Soviet Union. It had the power to fix the date for the litas to come into circulation, the terms for the withdrawal from circulation of the ruble, the exchange rate of the litas and other conditions. Most shops were forced to acquire From 1 April 1994 to 1 February 2002, the litas was pegged to the U.S. dollar at the rate of 4 to 1 (the litas was stable around 3.9 for half a year before the rate was fixed). About 80% of Lithuania's trade was with Russia and the government needed to find a way to smooth the transition away from the ruble zone. In the interwar period Lithuania stored its gold reserves in foreign banks. Denominations below 5 litai were replaced by coins in 1925.