News

The Ministry of Finance of the Republic of Lithuania has assessed the cost-effectiveness of the Treasury Single Account management system (VIKSVA) and reports that the project has already paid off despite being launched only recently. According to the estimates, the TSA helps the Republic of Lithuania save around EUR 3.7 million per year – that is EUR 1.1 million more than originally projected.

Most of the Lithuanian budgetary institutions have transferred their payment operations to the TSA, this has significantly reduced account administration and payment processing costs. The State Treasury invests freed-up funds, which in turn also helps reduce short-term borrowing costs. For more information refer to the press release issued by the Ministry of Finance. 

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