The
Lithuanian litas (
ISO currency code LTL, symbolized as Lt; plural
litai (nominative) or
litu (genitive)) was the currency of
Lithuania, until 1 January 2015, when it was replaced by the
euro. It was divided into 100
centu (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
talonas then in place. The name was modeled after the name of the country (similar to
Latvia and its
lats). From 1994 to 2002, the litas was
pegged to the
U.S. dollar at the rate of 4 to 1. The litas was pegged to the
euro at the rate of 3.4528 to 1 since 2002. The euro was expected to replace the litas by January 1, 2007, but persistent high inflation and the economic crisis delayed the switch. On 1 January 2015 the litas was switched to the euro at the rate of 3.4528 to 1.