Lithuania will begin using the euro from 1st January 2015. In preparation for the new currency, the Bank of Lithuania has signed an agreement with the German Central Bank – Bundesbank – regarding the acquisition of euro banknotes in all denominations.

Chairman of the Board, Vitas Vasiliauskas, from the Bank of Lithuania stated:

“We will borrow now the amount of banknotes necessary for the euro adoption and in 2016, when we print the banknotes at one of the European Central Bank-accredited printing houses, we will return them,”

It is reported that the required demand for euro banknotes in Lithuania to ensure supply during the currency changeover will be 132 million units (114 tonnes).

The Lithuanian Mint is producing euro coins at full capacity which are being stored within the vaults of the Bank of Lithuania. Required coin demand to ensure supply is 370 million units (1,740 tonnes).

Video: Minting of Lithuanian coins, courtesy of the European Central Bank (ECB)

Source: The Baltic Course