On 31 December, the last day of 2014, interbank payments in the litas will be carried out only until 1 PM - at that time execution of payments will be stopped in the Bank of Lithuania systems that are used by banks. Interbank payment orders for the same day operations will be accepted until 12 PM 31 December.
© DELFI / Valdas Kopūstas

Member of the Board of the Bank of Lithuania Marius Jurgilas says that the deadline for the implementation of payments will be brought forward as commercial banks asked for additional time to prepare the systems for the euro introduction. The Bank of Lithuania believes the request is justified and a 2-3 hour shorter payment deadline will not cause inconvenience if the banks inform the customers about this beforehand.

Shorter than usual payment implementation deadline will be established in payment systems LITAS-RLS and LITAS-MMS 31 December 2014 timetables.

After the euro adoption, payment system LITAS-RLS will be suspended and real-time transactions in the euro will shift to payment system TARGET2-LIETUVOS BANKAS. Meanwhile LITAS-MMS will continue to be used for interbank payment in the euro.

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