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. Last Updated: 07/27/2016

Vilnius Frees Currency

VILNIUS, Lithuania -- The Lithuanian central bank Wednesday took a small step toward freeing up the litas currency, saying the time was right to decide on shifting its dollar peg to a euro-dollar basket.

Central bank chief Rejnoldjus Sharkinas told a banking conference that it was necessary to take real steps on the move as soon as possible since delays could have a negative impact on the Baltic nation's drive to join the European Union.

"Although we have talked several times about the litas peg to a euro-dollar basket, I want to point out that now is the right time to make such a decision," Sharkinas said, adding that markets would be given six months' notice before any actual changes take place.