“The frontloading of euro cash to commercial banks has been started according to schedule. The first to start was a small bank, which takes small quantities of euro coins. Shortly the large banks will get involved in this process too. We hope for immediate acquisition of euro banknotes by commercial banks as well, when we will kick off their frontloading in early November,” says Marius Jurgilas, member of the Board of the Bank of Lithuania.
The Bank of Lithuania, having estimated the requirement and coin stocks, has projected to mint 370 million pieces of euro coins this year and in the next one. 110.8 million pieces of euro coins have already been delivered to the Bank of Lithuania’s vaults – more than half of a total of euro coins projected to be minted at the Lithuanian Mint (217 million pieces).
The 132 million of euro banknotes necessary for the euro adoption the Bank of Lithuania will borrow from the Central Bank of Germany, Bundesbank. The euro banknotes will be delivered to the Bank of Lithuania’s vaults in October-November 2014.