Vitas Vasiliauskas EN

Amid a rapid decline in Lithuania's worker-to-retiree pension, the central Bank of Lithuania is sounding the alarm and calling for the pension system to be reformed and for future pensions to be linked to personal contributions.

While banks in Lithuania are resilient enough to possible shocks in the financial markets, a possible burst of the real estate bubble in Scandinavia presents a potential hazard, according to Lithuania's central bank.

Vitas Vasiliauskas, the head of Lithuania's central bank, has been asked to provide an explanation to the Seimas after it was reported that he represented an offshore company linked to Russia's oligarch Nikolai Tsvetkov before becoming the head of the bank.

The leaked Panama Papers indicate that Lithuania's central bank chief once represented an offshore company linked to a Russian oligarch.

Vitas Vasiliauskas, board chairman of the central Bank of Lithuania, will head the bank for another five-year term.

Lithuanian commercial banks may have to accumulate additional capital buffers for risk control, said Vitas Vasiliauskas, the head of Bank of Lithuania, at the Lithuanian Banking Association conference.

Lithuanian President Dalia Grybauskaitė has nominated Vitas Vasiliauskas, the current chairman of the board at the Bank of Lithuania, for a second term in the post. The appointment has to be endorsed by parliament, the Seimas.

The Lithuanian parliament is to consider a bill allowing mergers of credit unions. The Bank of Lithuania says the measure would improve the credit unions' viability and introduce new players in the country's financial market.

The Lithuanian Central Bank is to introduce new rules to ensure that interest rates on fixed rate loans remain the same over the whole period of the loan.

Negative interbank interest rates are making life easier for Lithuanian borrowers, both consumers and businesses, but Lithuania’s financial experts are worried that it may create another financial crisis and could be sign of a coming economic downturn.

The introduction of the euro at the beginning of 2015 has had a significant economic impact on Lithuania, its citizens and businesses, according to the Bank of Lithuania (LB).

Lithuanian consumers and businesses saved some €40 million due to lower interest rates after the adoption of the euro a year ago, economists at the Bank of Lithuania say. Costs were also cut on currency exchange and due to lower rates on international money transfers.

A monument to the first manager of the Bank of Lithuania, Vladas Jurgutis, has been unveiled near the headquarters of the Bank of Lithuania.

The Bank of Lithuania has drafted a list of private banking services that it proposes should be made more accessible. If the proposal is endorsed by parliament, commercial banks will have to provide basic services like debit card administration, cash withdrawals and money transfers in the EEA to the...

A "No" vote in Greece's referendum on Sunday would weaken chances for Athens to reach an agreement with its creditors, Vitor Constancio, vice-president of the European Central Bank, said in Vilnius on Friday.