Previously a manager in a state dairy company, Slezevicius was appointed Prime Minister following the election of Algirdas Brazauskas as President in February 1993. At the time, Lithuania was faced with MONTHLY inflation of 10-30 percent despite the demonitization of the ruble and introduction of the Talonas (coupon money) on October 1, 1992.1 After initially promising large wage hikes to state workers, Slezevicius implemented a smaller increase and backed a tightening of monetary policy by the Bank of Lithuania. This brought monthly inflation down from 25 percent in May 1993 to 13 percent in May, 6 percent in June, and 3 percent in July.2 The exchange rate strengthened from the equivalent of over 5 litai to 3.5 litai by August 1993. With this progress in stabilization, the Litas Committee (composed of Slezevicius, President Brazauskas, and Bank of Lithuania President Visokavicius) announced the reintroduction of the Litas as national currency, to take place on June 25, 1993.
In October 1993, Slezavicius 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.3 The Litas Stability Law (Law I-407) was enacted on March 23, 1994, and the exchange rate fixed at 3.9 litai per U.S. dollar on April 1, 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. While the parity was shifted to 3.5 litai per Euro in 1999, the exchange rate has remained stable since that date (as of November 2008). He is sometimes nicknamed "The Great Stabilizer" as a result of these accomplishments, and because in interviews for the press he used to say that the situation is stable.citation needed
He was forced to resign on February 8, 1996 after a vote of no confidence in the Lithuanian Seimas following charges of corruption. Šleževičius had withdrawn his assets at the last minute from two banks which collapsed.
