Adolfas Šleževičius (2 February 1948 – 6 December 2022) was a Lithuanian politician who served as

Prime Minister A prime minister or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. A prime minister is not the head of state, but r ...

from 1993 to 1996. Previously a manager in a state dairy company, Šleževičius was appointed prime minister following the election of

Algirdas Brazauskas Algirdas Mykolas Brazauskas (, 1932 – 2010) was a Lithuanian politician who served as the fourth president of Lithuania from 1993 to 1998. He also served as the prime minister of Lithuania from 2001 to 2006. Brazauskas was the first democr ...

as president in February 1993. At the time, Lithuania was faced with monthly inflation of 10–30% despite the demonetization of the ruble and introduction of the talonas (coupon money) on 1 October 1992. After initially promising large wage hikes to state workers, Šleževičius implemented a smaller increase and backed a tightening of monetary policy by the

Bank of Lithuania The Bank of Lithuania () is the national central bank for Lithuania within the Eurosystem. It was the Lithuanian central bank from 1922 to 2014, albeit with a long suspension between 1940 and 1993. It issued the Lithuanian litas between 1922 ...

. This brought monthly inflation down from 25% in May 1993 to 13% in May, 6% in June, and 3% in July. With this progress in stabilization, the Litas Committee (composed of Šleževičius, President Brazauskas, and Bank of Lithuania President Visokavičius) announced the reintroduction of the

Lithuanian litas The Lithuanian litas (ISO 4217, ISO currency code LTL, symbolized as Lt; plural ''litai'' (nominative) or ''litų'' (genitive) was the currency of Lithuania, until 1 January 2015, when it was replaced by the euro. It was divided into 100 Cent ...

as the national currency, to take place on 25 June 1993. The exchange rate strengthened from the equivalent of over 5 litai to 3.5 litai by August 1993. In October 1993, Šleževičius announced that the value of the litas would be fixed in a manner similar to that of the Estonian kroon, that is, in a currency board arrangement with a fixed parity. The litas Stability Law (Law I-407) was enacted on 23 March 1994, and the exchange rate fixed at 3.9 litai per U.S. dollar on 1 April 1994. The fixing of the exchange rate contributed to large capital inflows from abroad, which helped to finance the modernization of the economy in the years to follow. He was forced to resign on 8 February 1996, after a vote of no confidence in the

Seimas The Seimas of the Republic of Lithuania (), or simply the Seimas ( ; ), is the unicameralism, unicameral legislative body of the Lithuania, Republic of Lithuania. The Seimas constitutes the legislative branch of Government of Lithuania, govern ...

following charges of corruption. Šleževičius had withdrawn his assets at the last minute from two banks that collapsed. He faced criminal charges regarding corruption and forgery, but after four years of investigation, the case was dismissed before reaching a court. After his abortive political career, Šleževičius turned to private business. Šleževičius died on 6 December 2022, at the age of 74.

References

1948 births 2022 deaths People from Šiauliai District Municipality Communist Party of Lithuania politicians Democratic Labour Party of Lithuania politicians Lithuanian communists Prime ministers of Lithuania Lithuanian businesspeople {{Lithuania-politician-stub