VILNIUS, January 16. /TASS/ Lithuania has officially switched to using euro as the sole monetary value in the country. The euro went into circulation on January 1, 2015 and Lithuanian citizens had two weeks to exchange the previous currency, litas. Prices will continue to be posted in both currencies until the end of June 2015.
Lithuanian Finance Minister Rimantas Shadzhyus explained that litas can be exchanged with no commission fee until March 1, at the rate of 3.45 litas for one euro. The money can be exchanged at branches of commercial banks, post offices, Bank of Lithuania and some credit institutions. Overall, 700 exchange locations have been opened around the country.
Litas were first used in Lithuania on October 2, 1922 until August 6, 1940, when it was replaced by the Soviet ruble. Lithuania began to use litas again in June of 1993.