Lithuania moves closer to joining euro after first coins delivered

  • 2014-08-12
  • From wire reports, VILNIUS

(photo: twitter)

The first batch of Lithuanian euro coins are being delivered to the Bank of Lithuania's vault in Vilnius.

Lithuania becomes the eurozone's 19th member on January 1, 2015. 

Meanwhile, businesses will have to show prices in euros and litas on August 22 so residents get used to the switch over. 

Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania said: "This is one more important step in the marathon of preparatory work, seeking for the currency exchange to go smoothly.

"After the decision of the EU Council on allowing Lithuania to adopt the euro, the Lithuanian Mint is minting euro coins at full capacity; they are being delivered to the Bank of Lithuania's vault.

"From here, as of 1 October, they will we delivered to commercial banks and, prior to the euro adoption date, the coins will reach business."

The total amount of coins necessary for the euro adoption is around 370 million units; their weight - 1,740 tonne's, the Bank of Lithuania says in a statement. The currency switch over means all Baltic states will use the euro after Latvia joined the eurozone earlier this year.