Historical evolution of the Lithuania currency:
As the official currency of Lithuania, Litas first emerged in 1992, when Lithuania became politically independent, following the First World War.
In reality, the introduction of Litas was aimed at replacing the Ostruble and Ostmark.
Soon after its emergence, the Lithuanian currency along with the then currency Talonas, underwent currency exchanges from Ruble to Litas.
However, Litas derived its name after the name of Lithuania.
It remained pegged to the US dollar in a ratio of 1:4 from 1994 to 2002. Presently, it is pegged to Euro in the ratio 3.4528:1. As per the popular estimates, Euro may replace Litas on the 1st of January, 2010.
Types of Lithuanian money and their denominations:
Money of Lithuania is available in two different forms, coins and paper notes. The coins came into existence in 1925 in different denominations like in 5, 2 and 1 litai as well as 1 50, 20, 10, 5, 2 and 1 centu.
The year 1936 saw the introduction of the 10 litu coins. In fact, the designs of Lithuanian coinage were all made by Juozas Zikaras, the famous sculptor.
As far as the Lithuanian banknotes are concerned, they are all issued by the Bank of Lithuania and available in denominations of 50, 20, 10, 5, 2 and 1 centai and also in100, 50, 10, 5, 2 and 1 litu.
The 1000 and 500 litu notes were introduced later in 1924. However, paper notes below the denominations of 5 litai were replaced by coins in 1925.
All major credit cards allow withdrawal of Lithuanian currency. They are also available in the form of travelers check.
As far as the movement of Lithuania money is concerned, there are at all no limitations imposed on the export and import of the currency, except the fact that the export of domestic currency is restricted to 5000 LT.
There are no such restrictions on the export of foreign currency, which is unlimited in nature. However, export amounts exceeding 40,000 LT or equal requires declaration.