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