Banks, EU – Baltic States, Financial Services, Lithuania

“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,” says Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.

According to him, the process of acquiring euro banknotes and coins has been planned in detail while the foreseen schedule is being accurately followed. The batches of new euro banknotes will be brought to Lithuania from the Bundesbank’s vaults until December. The Lithuanian Mint is minting Lithuanian euro coins at full capacity and they are already being transported to the vaults of the Bank of Lithuania. The total amount of coins necessary for the euro adoption and to ensure their stocks is about 370 million units, their weight — 1,740 tonnes.

The euro banknote borrowing agreement between the Bank of Lithuania and Bundesbankprovides the exact amount of borrowed euro banknotes; their denominations, the delivery time of the euro banknotes, the terms and conditions of transportation, in accordance to the international security and security assurance requirements are all indicated. The Bank of Lithuania coordinated with the European Central Bank the borrowing of euro banknotes.

The Bank of Lithuania committed to ensure that the euro banknotes that will be brought into our country will be safely transported to the Bank of Lithuania vaults. The Bank of Lithuania will begin frontloading of euro and euro cent coins to the country’s commercial banks in early October of this year, while the frontloading of euro banknotes will begin from early November until the euro adoption date.

From the commercial banks, with the adoption of the euro, the euro banknotes and coins will reach the population’s wallets and cash registers of businesses.