SUPREME COUNCIL OF THE                                     
                      REPUBLIC OF LITHUANIA                                     
                                                                                
                           RESOLUTION                                           
                                                                                
                                                                                
     Provisional Law on Currency Reserves of the Republic of                    
             Lithuania and Deductions in Convertible                            
                  Currency -- Entry into Force                                  
                                                                                
                                                                                
     The Supreme Council of the Republic of Lithuania resolves:                 
     1.  To  establish  that  the  Provisional  Law  on  Currency               
Reserves and  Deductions in  Convertible Currency of the Republic               
of Lithuania  enters into  force as of 22 March 1991. Taxes shall               
be imposed  on income  received from 1 January 1991 in accordance               
with this and other laws.                                                       
     2. To  charge the  Government of  the Republic of Lithuania,               
prior to  5 April  1991, to  adopt laws  on the implementation of               
this Provisional  Law and  Resolution and, also, by 20 June 1991,               
submit to  the Supreme  Council the draft plan on the incomes and               
expenditures of  the Currency  Fund of the State of Lithuania for               
the second half of 1991.                                                        
                                                                                
     3. To  apply, from  1 January 1991, the following rate of ex               
change between  a rouble and foreign currency - 1 US dollar shall               
be equal  to 2  roubles. Such  exchange rate  shall be applied in               
revaluating  investments   and  currency  deductions  in  roubles               
(litas) or  in other  transactions, as  well as  in  other  cases               
specified in  legal acts.  Taking into  consideration the rate of               
inflation the  Government of the Republic of Lithuania may change               
this rate.                                                                      
     4. To establish that from 1 April 1991 enterprises shall pay               
to the State in convertible currency for natural resources of the               
Republic of  Lithuania and  for raw materials supplied to them by               
the State  in centralised  manner, and used for the production of               
goods (or  for rendering  services) which  shall be  sold for con               
vertible currency, in the manner established by the Government of               
the Republic of Lithuania.                                                      
     5. To  permit, from  1 April 1991, legal and natural persons               
of the  Republic of  Lithuania and  of foreign states to purchase               
and sell  currency for the market price in the manner established               
by the  Bank of Lithuania and, also, to permit foreign persons to               
open accounts in roubles with banks registered in the Republic of               
Lithuania.                                                                      
     6. To  establish that upon receiving the permission from the               
Bank of  Lithuania, a credit institution may perform transactions               
of currency  exchange for  residents, may  establish agencies  of               
currency exchange,  purchase and  selling of  currency for market               
price. For  the transactions  of currency exchage (purchase, sell               
ing) the  state tax at the rate of 5 percent in currency shall be               
imposed which shall be transferred to the currency fund. The Bank               
of Lithuania  shall impose  additional commission fee at the rate               
not in  excess of 2 percent for the currency exchange services as               
well as for other services of currency exchange.                                
     7. To  charge the Bank of Lithuania,to establish prior to 15               
April 1991,  the order  of the  usage of  foreign currency, deduc               
tions in  convertivle currency and regulation of currency transac               
tions in the Republic of Lithuania.                                             
     8. Until  the Bank of Lithuania makes information concerning               
the market  rate of currency available to the public, in order to               
calculate taxes,  to establish  that the temporary market rate be               
tween a  rouble and freely convertible currency shall be 1 US dol               
lar for 20 roubles.                                                             
     9. To  establish that,  according to the data as of 22 March               
of the  current year,  currency resources  which are in the owner               
ship of  state enterprises  and stock  corporations and which com               
prise a  part  of  state  capital  shall  be  prescribed  to  the               
authorised state capital.                                                       
                                                                                
                                                                                
VYTAUTAS LANDSBERGIS                                                            
                                                                                
President Supreme Council                                                       
Republic of Lithuania                                                           
                                                                                
                                                                                
Vilnius,                                                                        
21 March 1991                                                                   
No. I-1160