Lithuania set to join eurozone

currencies

THE books of Lithuania's largest banks are being assessed as part of its entry to the euro.

The European Central Bank (ECB) said the EU Council has formally approved the accession of the Baltic State next
January 1. The euro conversion rate has been set at 3.45280 Lithuanian litas to €1.

The ECB will also take over direct supervision of the biggest Lithuanian banks as the country also joins the single supervisory mechanism, established after the financial crisis as part of a bid to stabilise the EU's banking system.

An assessment of the balance sheets of the country's main banks is under way, including SEB bankas, Swednamk and DNB.