Central Banking

Lithuanian central bank completes euro credit migration to Sepa

bank-of-lithuania

All euro payments received and made by the Bank of Lithuania on behalf of government institutions will now be carried out through the Single Euro Payments Area (Sepa) credit scheme as part of efforts to migrate to the pan-European payments scheme, the central bank said on February 6.

All 27 European Union member states, including non-euro countries such as Lithuania, have agreed to migrate towards the Sepa credit and debt transfer scheme by February 2014.

Although the majority of credit transfer

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