July 23, 2014 / 11:23 AM / in 3 years

Lithuania conversion rate set at 3.4528 litas to euro

BRUSSELS, July 23 (Reuters) - European Union ministers agreed on Wednesday to set the conversion rate of Lithuania’s currency, the litas, at 3.4528 to the euro when the country adopts the single European currency from the start of next year.

The rate is the same as the central parity rate at which the litas is fixed in the EU’s Exchange Rate Mechanism, which is the two-year waiting room for the euro and helps prove the stability of the exchange rate.

Lithuania will become the 19th member of the euro zone after meeting all required criteria on low inflation and interest rates, a stable exchange rate and low budget deficit and debt. (Reporting by Jan Strupczewski; editing by Robin Emmott)

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