Lithuanian President Dalia Grybauskaitė has nominated Vitas Vasiliauskas, the current chairman of the board at the Bank of Lithuania, for a second term in the post. The appointment has to be endorsed by parliament, the Seimas.
Vitas Vasiliauskas
© DELFI / Šarūnas Mažeika

“Obvious changes have taken place in the financial system during the five years of his [Vasiliauskas'] leadership, such as the assurance of stability and reliability of credit institutions, the launch of major reforms in the consumer credit and credit unions’ markets, implementation of vigorous efforts to enhance the protection of consumer rights and to improve access to financial services and their quality,” Grybauskaitė said in a statement.

She also noted that public trust in the Bank of Lithuania grew 14 points during Vasiliauskas' tenure and now stands at 62%.

President Grybauskaitė has also commended the central bank's role in smoothing Lithuania's transition to the euro. "Almost 90% of Lithuanians said the currency switch went smoothly and efficiently, while more than 90% also said they were properly informed about the euro," according to the president's statement.

Vasiliauskas has chaired the central bank since April 2011 and his first five-year term will expire on April 15. There is no limitation on how many times the same person can serve in the post.

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