Country Information

 

The Lithuanian Litas (plural Litai), denoted by LTL, is the official currency of Lithuania. The currency was first issued by the Bank of Lithuania in October 1922, but was recalled from circulation after Lithuania was annexed by the Soviet Union 18 years later. Today, the LTL has been in use since 1993 when it replaced a temporary currency called Talonas. One Litas is divided into 100 cents. All coins have one side with its value printed and the other side with the national coat of arms.

Moody's Rating

Baa1, 28 Sep 2009

S&P Rating

A

Sovereign credit ratings play an important part in determining a country's access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.

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Political Structure

The Lithuanian government is led by its president, who in a five-year term, serves as both head of state and commander in chief over foreign and security policy. The president, on the approval of the parliament, also appoints the prime minister. The Lithuanian parliament is unicameral; entitled the Seimas, the parliament has 141 members that are elected for a four-year term. Half of the members are elected in single constituencies while the other half are elected in the nationwide vote by proportional representation. A party must receive at least 5% of the national vote to be represented in the Seimas.

Prominent Figures

Chief of State President Dalia GRYBAUSKAITE (since 12 July 2009) Head of Government Prime Minister Andrius KUBILIUS (since 27 November 2008)Cabinet Council of Ministers appointed by the president on the nomination of the prime minister Elections president elected by popular vote for a five-year term (eligible for a second term); election last held 17 May 2009 (next to be held in May 2014); prime minister appointed by the president on the approval of the Parliament Election Results Dalia GRYBAUSKAITE elected president; percent of vote - Dalia GRYBAUSKAITE 69.1%, Algirdas BUTKEVICIUS 11.8%, Valentinas MAZURONIS 6.2%, others 12.9%; Andrius KUBILIUS' government approved by Parliament 83-40 with 5 abstentions

Key Economic Factors

Economic Overview:

Lithuania is the Baltic state that has conducted the most trade with Russia; though Russia suffered a financial crisis in 1998, Lithuania has slowly rebounded from this economic obstacle. Unemployment dropped from 11% to 8% from 2003 to 2004; domestic consumption and investment have increased; trade has been increasingly oriented towards the West. Lithuania is a member of the World Trade Organization (WTO) and joined the EU in May 2004. A large development underway is privatization of large, state-owned utilities (particularly in the energy sector); overall, more than 80% of enterprises have been privatized. Foreign government and business support have helped in the transition from the old command economy to a market economy.

Overview:

Metal-cutting machine tools, electric motors, television sets, refrigerators and freezers, petroleum refining, shipbuilding (small ships), furniture making, textiles, food processing, fertilizers, agricultural machinery, optical equipment, electronic components, computers and amber.

Agriculture products:

Grain, potatoes, sugar beets, flax, vegetables, beef, milk, eggs and fish.

Export Commodities:

Mineral products 23%, textiles and clothing 16%, machinery and equipment 11%, chemicals 6%, wood and wood products 5% and foodstuffs 5% (figures as of 2001).

Import Commodities:

Mineral products 21%, machinery and equipment 17%, transport equipment 11%, chemicals 9%, textiles and clothing 9% and metals 5% (figures as of 2001).

Exchange Rates

LTL
AUD
CAD
EUR
JPY
GBP
USD
1 LTL
=
10.4420.4260.29633.8840.2410.329
1 AUD
=
2.26310.9630.66976.6840.5450.746
1 CAD
=
2.3491.03810.69579.5990.5660.774
1 EUR
=
3.3821.4941.441114.5840.8141.114
1 JPY
=
0.030.0130.0130.00910.0070.01
1 GBP
=
4.1531.8351.7681.228140.72511.368
1 USD
=
3.0351.3411.2920.897102.8380.7311

Travel

FLIGHTS from WASHINGTON to LITHUANIA Price
Kaunas Starting from
$939
Palanga International Starting from
$681
Vilnius Starting from
$652

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