Litas is the official currency of Lithuania, a country located in the Baltic region of Europe. It was introduced on June 25, 1993, as a replacement for the temporary currency, the talonas. One litas is subdivided into 100 centai (singular: centas), forming the monetary system of the country.
The litas, denoted by the symbol "Lt" or "LTL," has been represented by various banknotes and coins over the years, each reflecting significant historical figures, landmarks, or cultural elements of Lithuania. However, since 2015, Lithuania has adopted the euro as its official currency, phasing out the litas from circulation.
As a medium of exchange, the litas played a crucial role in facilitating economic transactions within Lithuania during its existence. It served as a unit of account, store of value, and means of payment for goods and services.
The term "litas" originates from the name of the Lithuanian currency in the early 14th century, when it was first introduced. The word "litas" can be traced back to the Lithuanian verb "lituoti," meaning "to join" or "to cast." This etymology reflects the historical significance of the currency in symbolizing the unity and sovereignty of Lithuania.
Overall, the litas was a crucial component of Lithuania's economic system, representing its national identity and fostering economic growth. Although no longer in circulation, it remains an important part of Lithuania's history and the development of its financial landscape.
