The Bank of Lithuania, the Baltic country's central bank, said Thursday that it had approved a plan to replace the litas, Lithuania's national currency, with the euro

Lithuania The Bank of Lithuania, the Baltic country's central bank, said Thursday that it had approved a plan to replace the litas, Lithuania's national currency, with the euro. "The plan provides for changes in legal system, preparation for change of cash, public information and other measures," the Bank of Lithuania said. But it noted that the plan did not specify the date of the changeover, as "the final decision will be made by the EU institutions." The government will prepare the necessary legislation and send it to Parliament in 2005, the central bank added. Reinoldijus Sarkinas, head of the central bank, said he wanted Lithuania to start the switch on Jan. 1, 2007. The plan says that for one year before introducing the euro, all prices in Lithuania will be stated in litas and euros and that litas will be exchanged for euros for an unlimited period of time after the switchover. Lithuania, a country of 3.6 million people, became a member of the European Union in May, and a month later joined the monetary regime that is a prerequisite for adopting the euro. It meets most of the fiscal criteria set in the Maastricht Treaty for euro membership, and it already has tied the litas's value to the euro. One euro now buys 3.45 litas. Still, Lithuania, whose economy grew at a record rate last year, remains one of Europe's poorest countries.