Talonas
The talonas ( LTT according to ISO 4217 ) was the transition currency in Lithuania after regaining independence in 1990 . It was valid from August 5, 1991 to July 20, 1993. It marks the exit from the economic system of the Soviet Union and was initially a parallel currency to the Russian ruble , before becoming the sole currency of Lithuania in October 1992. From June 25, 1993, it was replaced by the Lithuanian litas , which was Lithuania's currency until the euro was introduced on January 1, 2015.
term
Talonas is the Lithuanian word for voucher. The expression vagnorkės became popular , after the then incumbent Prime Minister Gediminas Vagnorius , who initiated the introduction of the parallel currency .
| year | Inflation rate (in%) | |
|---|---|---|
| In Lithuania | In Russia | |
| 1991 | 225 | k. A. |
| 1992 | 1100 | 2509 |
| 1993 | 409 | 850 |
| 1994 | 45.1 | 215.1 |
| 1995 | 35.7 | 175.0 |
| 1996 | 13.1 | 21.8 |
| 1997 | 8.4 | 11.0 |
| 1998 | 2.4 | 84.4 |
| 1999 | 1.5 | 36.5 |
| swell | ||
history
The background to the introduction of the talona was the desire to separate the Lithuanian economy from the Soviet economic system and to curb the hyperinflation to which the ruble was subject during this period. For this purpose, 20% of wages and salaries were paid in talonas. Goods, on the other hand, had to be paid for in rubles and half in talonas. In this way they wanted to tighten the money supply and slow down inflation. The reason for the inflation was not the excessive demand, but the sharp decline in supply. The Talonai (plural for Talonas) thus led to a shift of goods to the black market, where the goods could be purchased at significantly higher prices, but purely with rubles. The poor quality of the pure paper currency Talonas (units of 0.10, 0.20, 0.50, 1, 3, 5, 10, 20, 50 and 100, later also 200 and 500 Talonas) proved to be very problematic. which facilitated forgery. Since the talonas was directly linked to the ruble, it was able to weaken inflation compared to the situation in Russia , but it remained at inflation rates well beyond 100%.
When the litas was not introduced as expected in May 1992 , the talonas was initially convertible to the ruble and, from October 1, 1992, became the only valid currency in Lithuania. New notes for 200 and 500 talonas were introduced, and those for 0.10, 0.20, 0.50, 3 and 5 talonas were withdrawn. On June 25, 1993, the Lithuanian State Bank became the last Baltic State Bank to begin adopting a permanent national currency. The exchange rate was 100 talonas = 1 litas. On July 20, 1993, the Talonas lost its validity.
Web links
Individual evidence
- ↑ [1]
- ↑ Archived copy ( memento of the original from April 23, 2005 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ [2]
