REPUBLIC OF LITHUANIA
LAW
ON
FOREIGN CURRENCY IN THE REPUBLIC OF LITHUANIA
Article 1. The Concept of Foreign Currency
Foreign currency shall be the currency of any foreign state
or the currency used commonly by two or more foreign states.
Article 2. Keeping of Foreign Currency
Legal and natural persons of the Republic of Lithuania shall
have the right to open foreign currency accounts with the banks
of the Republic of Lithuania as well as with foreign banks.
Legal persons of the Republic of Lithuania and economic
entities not possessing the right of a legal person may open
accounts with banks in foreign states upon receipt of a permit
from the Bank of Lithuania.
Legal and natural persons of foreign states shall have the
right to keep foreign currency in banks of the Republic of
Lithuania.
Article 3. Utilisation of Foreign Currency
Foreign currency may only be used for payments to, and
settlements with, legal and natural persons of foreign states
who are outside of the Republic of Lithuania.
Legal and natural persons of the Republic of Lithuania and
of foreign states may withdraw funds from their respective bank
currency accounts and bank deposits as well as interest on them
either in foreign currency or in litas according to the
appropriate daily exchange rate.
Operations in foreign currency (purchase, selling, exchange,
extention of loans, etc.) may only be performed by banks which
have obtained a licence from the Bank of Lithuania.
The procedure for the performance of operations in foreign
currency shall be established by the Bank of Lithuania.
Article 4. Foreign Loans
Inter-state and inter-bank agreements as well as agreements
with international credit institutions and organisations
concerning the receipt or extention of loans to foreign countries
must be registered with the Ministry of Finance of the Republic
of Lithuania.
The same procedure shall apply to agreements concerning
loans in foreign currency, the redemption of which shall be
guaranteed by the Government of the Republic of Lithuania and
the Bank of Lithuania.
The procedure for the registration of loan agreements,
distribution of loans, and redemption thereof shall be
established by the Government of the Republic of Lithuania and
the Bank of Lithuania.
Article 5. Import and Export of Capital
The import of foreign capital that is invested in the
Republic of Lithuania as well as the export of said capital, the
generated profit, and dividends shall be established by the Law
of the Republic shall be discharged in litas according to the
official exchange rate established by the Bank of Lithuania.
Article 9. Entry into Force of this Law
This law shall become effective as of August 1, 1993.
I promulgate this Law adopted by the Seimas of the Republic
of Lithuania.
ALGIRDAS BRAZAUSKAS
President
of the Republic
Vilnius
7 July 1993
No.I-202