Lithuanian talonas

The Talonas (LTT according to ISO 4217 ), the transitional currency in Lithuania after the regained independence in 1990. He was of 5 August 1991 to 20 July 1993. It marks the exit from the economic system of the Soviet Union and was initially a parallel currency to the Russian rubles before he sole currency of Lithuania was established in October 1992. As of June 25, 1993, he was replaced by the Lithuanian litas, which has since been the national currency of Lithuania.

Talonas is the Lithuanian word for voucher. In the vernacular, the term is also naturalized vagnorkės one, according to the then incumbent Prime Minister Gediminas Vagnorius, who had led the introduction of a parallel currency.

Light of the introduction of Talonas was the endeavor, the Lithuanian economy to break away from the Soviet economic system out and curb hyperinflation, the subject of the ruble at this time. For this purpose, wages and salaries paid to 20% in Talonas. Goods, however, had to be paid one half in rubles and Talonas. Of such they wanted to cut back the amount of money and at slowing inflation. Reason for inflation, however, was not the excessive demand, but the severely declined offer. The Talonai ( plural for Talonas ), thus leading to a shift of the goods on the black market, where the goods were at significantly higher prices, but to acquire purely with rubles. As a very problematic also proved the low quality of pure paper currency Talonas (units to 0.10, 0.20, 0.50, 1, 3, 5, 10, 20, 50 and 100, and later 200 and 500 Talonas ) facilitated the forgery. Since the Talonas was coupled directly to the ruble, he could weaken the inflation compared to the situation in Russia, though, it remained however with inflation far beyond the 100 %.

When it did not come as expected for the introduction of the litas in May 1992, the Talonas was initially convertible for rubles and from 1 October 1992 the only valid currency in Lithuania. New notes to 200 and 500 Talonas were introduced, those drawn to 0.10, 0.20, 0.50, 3 and 5 Talonas from circulation. On 25 June 1993, the Lithuanian State Bank finally began as the last Baltic state bank with the introduction of a final national currency. The exchange rate was 100 Talonas = 1 litas. By July 20, 1993, the Talonas lost its validity.