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