 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 as 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.