In the Republic of Lithuania, the Bank of Lithuania shall be the central bank, which belongs to the State of Lithuania by right of ownership.
The procedure for the organisation and activities of the Bank of Lithuania, its powers, and the legal status of the Chairperson of the Board of the Bank of Lithuania, as well as the grounds for his release from duties, shall be established by law.
The Bank of Lithuania shall be directed by the Board of the Bank, consisting of the Chairperson, Deputy Chairpersons, and members.
The Chairperson of the Board of the Bank of Lithuania shall be appointed for a five-year term by the Seimas upon submission by the President of the Republic.
The budgetary system of the Republic of Lithuania shall consist of the independent State Budget of the Republic of Lithuania and independent municipal budgets.
The revenue of the State Budget shall be raised from taxes, compulsory payments, levies, income from state-owned property, and other income.
Taxes, other payments to the budgets, and levies shall be established by the laws of the Republic of Lithuania.
Decisions concerning state loans and other basic property liabilities of the State shall be adopted by the Seimas upon the proposal of the Government.
The procedure for the possession, use, and disposal of state-owned property shall be established by law.
The budget year shall start on the 1st of January and shall end on the 31st of December.
The Government shall draw up a draft State Budget and present it to the Seimas not later than 75 days before the end of the budget year.
The draft State Budget shall be considered by the Seimas and shall be approved by law before the start of the new budget year.
During the consideration of the draft budget, the Seimas may increase expenditure provided that it specifies financial sources for the additional expenditure. The expenditure established by law may not be reduced as long as these laws are not altered.
If the State Budget is not approved on time, in such cases, at the beginning of the budget year, the budget expenditure each month may not exceed 1/12 of the expenditure of the State Budget of the previous budget year.
During the budget year, the Seimas may change the budget. It shall be changed according to the same procedure according to which it is drawn up, adopted, and approved. When necessary, the Seimas may approve an additional budget.