"There are very favorable conditions right now to speak about a state bank," he told journalists on Friday, adding that such an institution should not necessarily be called a bank but could also be called a development fund.

"Whether we call it a bank or a development fund, the key thing is whether this fund, or bank, will contribute to Lithuania's economic competitiveness and build necessary bridges into the future," Nauseda said.

The president also said he had discussed the idea with Prime Minister Saulius Skvernelis: "Quite a lot of input has already been done".

The president first raised the idea of a state bank last year and said then that the establishment of a state bank "should not be a taboo".

Finance Minister Vilius Sapoka, however, said then the establishment of a state bank would be expensive and risky, and Vitas Vasiliauskas, board chairman of the central Bank of Lithuania, also expressed his doubts on this idea.

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