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. Last Updated: 07/27/2016

Lithuania Pegs Litas

Lithuania decided Wednesday to peg its litas currency to the U.S. dollar in a bid to attract more foreign investment and pave the way for full convertibility, a government spokesman said.

The litas was set at four to the dollar from April 1, a compromise between exporters who wanted a lower rate of around 4.2 and economists who preferred 3.8 or 3.9.

Lithuania is the second of the three Baltic republics to fix its exchange rate. Estonia has pegged its kroon at eight to the German mark since it was introduced in 1992.