But domestic political factors have hindered the previously rapid privatisation programme, especially the key energy industries which rely heavily on raw materials from Russia, as well as the finance and banking sector. The Russian financial crisis of 1998 had a serious knock-on effect in Lithuania, with a sharp decline in output recorded that following year. Lithuania's trade patterns have gradually shifted during the 1990s towards the West, especially Germany, but traditional partners including Russia, Belarus and the Ukraine remain important. The country joined the IMF and World Bank in 1992, as well as the European Bank for Reconstruction and Development as a Country of Operation. A convertible currency, the Litas, was introduced in 1993.
Business is conducted in a fairly formal manner and a smart appearance is important.
Appointments should be made in advance. English is used for international commerce. A knowledge of German, Russian or Polish may also be useful. Some rest homes in Palanga also provide facilities during the low season.