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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.
The official Lithuania money is called Litas. LTL is the ISO currency code of Lithuania money, and it is abbreviated as LT. Lithuanian currency is made up of 100 centu.
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.