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Bank of Lithuania Bank of Lithuania Bank of Lithuania Vilnius 2009 Each day, a lot of people directly and indirectly come in contact with the Bank of Lithuania, the central bank of the Republic of Lithuania, by holding in their hands the litas, the national currency issued by the Bank, and using it to pay for goods and services. The majority of non-cash settlements (both in litas and in euro) are made via the central bank’s payment systems. A significant number of people use services of commercial banks and credit unions, whereas the Bank of Lithuania performs supervision of these credit institutions by issuing licences for their operation, monitoring their financial situation and operational risks, taking measures for these risks to be at an acceptable level and preparing and publishing the banking sector reviews. The Bank of Lithuania formulates and implements monetary policy, determines the litas exchange rate regulation system and sets the official exchange rate of the litas. Earlier the litas was pegged to the US dollar at the fixed exchange rate, whereas now it is pegged to the euro. The Bank of Lithuania has already maintained the stable exchange rate of the litas against the anchor currency for more than 15 years. Foreign reserves managed and used by the Bank of Lithuania represent a significant financial tool for ensuring litas stability. By investing these reserves, the Bank of Lithuania earns the largest share of its income. The central bank provides necessary statistical information to users. Our institution monitors and analyses the country’s economy, forecasts its potential developments and performs the financial system stability 2 assessment. This is important for enterprises in the planning and expansion 3 of their activities, and for the population in taking borrowing and investment decisions. Bank of Lithuania The Bank’s objectives and tasks, as well as all of its functions are set in the Republic of Lithuania Law on the Bank of Lithuania. The role of the Bank of Lithuania is very important for the country’s economy and financial system, therefore the Bank of Lithuania is included among the most important state institutions in the Constitution of the Republic of Lithuania. On Lithuania’s accession to the European Union, the Bank of Lithuania became a member of the European System of Central Banks. This led to closer cooperation of our institution not only with the European Central Bank, but also with other central banks of the EU Member States. The Bank of Lithuania is capable of successful accomplishment of the new tasks owing to its competent staff. I highly appreciate their daily effective work and competence and I am confident that they are capable of properly responding to the challenges faced by Lithuania’s economy. I hope that this publication will offer an opportunity for the public to learn more about the central bank of the Republic of Lithuania and its operations. This publication also presents the key moments in the history of the national central banking. 2 Reinoldijus Šarkinas 3 Chairman of the Board of the Bank of Lithuania 4 5 Bank of Lithuania Litas Banknotes and Coins 6 Collector (Commemorative) Coins 8 Litas Exchange Rate Policy and Monetary Policy Measures 10 Official Reserve Assets 12 Supervision of Commercial Banks, Credit Unions and Payment Institutions 14 Economic and Financial System Analysis and Projections 16 Administration of Accounts for the State Treasury and State Institutions 17 Statistics 18 Payment and Securities Settlement Systems 19 International Cooperation 20 European System of Central Banks 21 Euro Adoption in the Future 22 Management, Structure and Personnel of the Bank of Lithuania 24 Transparency, Promotion of Science, Contribution to Culture 26 Periodicals 28 Monetary Studies 29 Vladas Jurgutis Award 30 Scholarships to Students 31 Money Museum 31 History 32 4 5 Recovery of Gold 33 Cultural Heritage 34 Litas Banknotes and Coins The currency unit of the Republic of Lithuania, the litas, is made up of 100 centas as provided for in the Republic of Lithuania Law on Currency. Cash is available in the form of litas banknotes and coins and centas coins. The Bank issues the litas into circulation and withdraws them from circula- tion, establishes currency denominations, design, distinguishing, security and acceptability features, organises printing of litas banknotes, minting of litas and centas coins, their transportation and storage, establishes the procedures for the withdrawal of worn and damaged Lithuanian currency units from circulation, their replacement and destruction, forms banknote and coin reserves and performs expert examination of litas banknotes and coins and centas coins. In the beginning of 2009, 83 million banknotes of various denominations with the total value of LTL 9,433 million (80 tons in total) were in circula- tion. 200 litas banknotes accounted for the largest share (approx. 50%) of the total value of banknotes in circulation. There were nearly 900 million coins of various denominations with the total value of LTL 196 million 6 (1,700 tons in total) in circulation. 7 Bank of Lithuania The banknote and coin reserves are stored in the vaults of the Bank of Lithuania in Vilnius, Kaunas and Klaipėda. This is where commercial banks from all over Lithuania obtain litas banknotes and coins and centas coins. Litas banknotes in circulation were printed by printing houses well known all over Europe. The most advanced security features were used to ensure security of litas banknotes (multicolour printing, holograms, optically variable inks, glossy stripes, etc.). Experts of the Bank of Lithuania organise seminars and provide the public with information on security features of banknotes and coins and the ways of their identification. A comprehensive description of the litas banknote security features is available on the Bank’s website. Litas and centas circulation coins are struck by Vilnius-located UAB Lietu- vos Monetų Kalykla (Lithuanian Mint) owned and operated by the Bank of Lithuania. Collector (commemorative) coins issued by the Bank of Lithua- nia are minted there too. To ensure that only good quality currency units are in circulation, the Bank of Lithuania uses modern automated banknote and coin processing equipment. The money returning from circulation to the Bank’s central office in Vilnius and its branches in Kaunas and Klaipėda is recounted, sorted and its degree of wear is established. Banknotes and coins unfit for circulation are then destroyed, while good quality banknotes and coins are reissued into circulation. 6 7 Collector (Commemorative) Coins Collector (commemorative) coins are issued to honour landmark events in our state and world history, prominent people and architectural monu- ments. The Bank of Lithuania has already issued over 60 collector coins dedicated to special topics. The first commemorative coin issued by the Bank of Lithuania was a 10 litas coin dedicated to the 60th anniversary of the flight across the Atlantic Ocean by Steponas Darius and Stasys Girėnas, which was minted of cop- per and nickel alloy in 1993. Later, precious metals, such as silver and gold, were used for striking commemorative coins. The following series of coins were issued: “The Rulers of Lithuania”, “Lithua- nian Cities”, “Historical and Architectural Monuments of Lithuania”, “The Millennium of the Mention of the Name of Lithuania”, as well as coins dedi- 8 9 Bank of Lithuania cated to the Olympic games and other events. The Bank of Lithuania has been participating in international coin programmes. Gold and silver coins were issued as items of the United Nations Children’s Fund (UNICEF) coin program “Children of the World”, “The Smallest Gold Coins of the World. History of Gold”, “Endangered Wildlife” and “Europe. European Cultural Heritage”. In addition to silver and gold coins dedicated to certain events or phe- nomena, one litas collector circulation coins of the same design are also issued. Five such coins have already been issued; they are dedicated to the 75th anniversary of the Bank of Lithuania and litas, the 10th anniversary of the Baltic Way, the 425th anniversary of Vilnius University, the Palace of the Rulers of the Great Duchy of Lithuania and Vilnius as the European Capital of Culture 2009. The Bank also issues numismatic coinsets of litas and centas circulation coins that are of higher minting quality than regular circulation coins. The website of the Bank of Lithuania presents comprehensive informa- tion on collector coins already issued, provides the programme of issue of collector coins, informs about coin design competitions and describes the procedures for ordering and obtaining collector coins. The newly issued collector coins and numismatic coinsets of circulation coins are sold at the cash offices of the Bank of Lithuania in Vilnius, Kaunas and Klaipėda. 8 9 Litas Exchange Rate Policy and Monetary Policy Measures The fixed national currency exchange rate regime is functioning in Lithua- nia. It was established by the Law on the Credibility of the Litas adopted in 1994. Pursuant to this law, all litas issued in circulation by the Bank of Lithuania must be 100 per cent backed by gold and convertible currency reserves. Strict compliance with this requirement guarantees a possibility for litas holders to exchange them at any time into anchor currency and vice versa at the fixed official exchange rate. People and companies may do it in any domestic commercial bank, and the latter may do it at the Bank of Lithuania. Simply speaking, the amount of litas issued into circulation by the central bank of the Republic of Lithuania equals the amount of the anchor currency euro sold to the central bank by commercial banks. The litas amount in circulation depends on its demand in the market. The official exchange rate of the litas is set against the anchor currency. The anchor currency and the official exchange rate of the litas against the anchor currency are set by the Bank of Lithuania after co-ordinating the 10 decision with the Government of the Republic of Lithuania.
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