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. Last Updated: 07/27/2016

Vilnius to Unpeg Litas

VILNIUS, Lithuania () -- Gediminas Vagnorius, Lithuania's prime minister-designate, said Monday his government would gradually scrap the country's tough currency regime and unpeg the currency, the litas, from the dollar.

The currency regime, called currency board and introduced in April 1994 with the blessing from the International Monetary Fund, bars the central bank from using the exchange or interest rates as monetary policy tools.