Lita not to be devalued- PM

  • 2009-03-10
  • TBT Staff
VILNIUS 's LithuanianPrime Minister Andrius Kubilius has again rejected the notion that the Litawill be devalued. He went on to say that there must be more budget cuts.

'"The lita was and is to remain stable, and rumors will not be enough tochange its rate," he told parliament on March 10.

"Today, Lithuania faces no fewer challenges than 19 years ago, when it was on the eve of itsdeclaration of independence," he said.

According to Reuters Kubilius said that Lithuania was hit hard by a credit crunch in the Baltic states, shrinking export marketsin the European Union and Russia,and a fall in the value of neighboring currencies.

'In this context, our main objective is to secure the stability of thelitas, and that we can do by securing the stability of our financial system,'he said.

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Lithuaniais aiming to adopt the euro by 2014.