Litas is Lithuania's official currency that has been in circulation since 25 June 1993. Its abbreviated form is Lt in Lithuania or LTL internationally.
Litas was also used in the interwar period (1922-1940). The name Litas was suggested by Vaclovas Vaidotas, a member of the then Economic Commission. Litas consists of 100 Litas cents.
Since 2 February 2002, the Litas has been pegged to the Euro at the official exchange rate of 3.4528 Litas for 1 Euro. The pegging should remain in effect until the Litas is replaced with the Euro, which is planned to happen in 2014.
Litas is the legal tender anywhere in Lithuania. Most of the sellers and service providers also accept credit and debit payment cards.