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. Last Updated: 07/27/2016

IMF Warns Lithuania

VILNIUS, Lithuania () -- An International Monetary Fund official warned Tuesday that unpegging Lithuania's litas from the dollar would cause a devaluation, but said he did not think it could happen soon.

The incoming government wants to end the peg of 4 litas to one dollar and scrap the currency board system under which the peg operates.

That "would cause the litas to devalue, and inflation would increase sharply, and all Lithuania's achievements would become worthless," IMF representative Domenico Fannizza told the newspaper Respublkia.