What is the Bank of Lithuania and what does it do?
The Bank of Lithuania is the central bank of the country. It has the exclusive right to issue the currency of the Republic of Lithuania into circulation and to withdraw it.
The principal objective of the Bank of Lithuania is to maintain price stability, i.e. as low inflation as possible. In implementing this objective the Bank of Lithuania conducts monetary policy, supervision of credit institutions, management of foreign reserves and performs other functions.
How does the Bank of Lithuania implement the primary objective of maintaining price stability?
This objective is implemented by the Bank of Lithuania by choosing the anchor currency and maintaining a fixed exchange rate of the litas against that currency. The anchor currency should be reliable and widely used in the countries towards which the economy of Lithuania is mostly oriented. The anchor currency of the litas, as of 2 February 2002, is the euro. A fixed exchange rate in a small and open economy, such as Lithuania, helps to achieve price stability over time, which creates favourable conditions for long-term economic growth.
Who owns the Bank of Lithuania?
The Bank of Lithuania is owned by the Lithuanian state.
Is the Bank of Lithuania a Governmental division?
No. The Bank of Lithuania is the central bank, independent of the Government or other Lithuanian public institutions.
Is the Bank of Lithuania a budgetary institution?
No. The Bank of Lithuania is not a budgetary institution, i.e., it does not use money from the budget. Every year the Bank of Lithuania pays to the state budget a profit contribution in the amount of 70 per cent from the financial year profit of the Bank of Lithuania.
Can members of the general public open accounts at the Bank of Lithuania and hold deposits?
No. It does not open accounts or accept deposits.
Can the information published in the Bank of Lithuania's publications and on the internet site be used?
Yes. The information published by the Bank of Lithuania can be used; a reference to the Bank of Lithuania as the source of information should be included.
Does the Bank of Lithuania provide currency exchange operations to the public?
No. Currency exchange services are provided by commercial banks.
When is the Bank of Lithuania closed?
The Bank of Lithuania is closed on Saturdays and Sundays and these days of public holidays and non-working days in 2013:
1 January – New Year’s Day;
16 February – the Day of the Restoration of the Lithuanian State;
11 March – the Day of the Restoration of Lithuanian Independence;
31 March, 1 April – Easter;
1 May – International Labour Day;
5 May - Mother’s Day;
2 June – Father‘s Day;
24 June - Jonines (St. John's day);
6 July – the Day of the State (Crowning of King Mindaugas);
15 August – Zoline (Feast of the Assumption);
1 November – All Saints’ Day;
24 December – Christmas eve;
25, 26 December – Christmas.