The current state and development of the Lithuanian government securities market after reestablishment of independence are reviewed in this final paper. Local market for government securities and three stages of its evolution with highlighted features of each stage, as well as foreign market for government securities and its evolution stages with specific features are examined separately. Government securities trade with analysis of government securities distribution in auctions and their further circulation in secondary market is also reviewed in this final paper.

The government securities market in Lithuania, existing for more than ten years, is relatively new practice, having no development analogues. Local as well as foreign markets for Lithuanian government securities are well developed and functioning, that is why market development has to be analyzed in practical way and conclusions, generalizations and suggestions could be provided.

These are important in order to have fast and effective development of state economy, as the government securities market is the barometer for overall economical development of the country. Therefore economical growth of Lithuania will be influencing expansion and effectiveness of the government securities market.

Raktažodžiai: vertybinių popierių vidaus rinka, kredito reitingas, foreign market of government securities, VVP užsienio rinka, pelningumas, government securities, secondary market, credit rating, Vyriausybės vertybiniai popieriai, profitability, local market of government securities, aukcionas, auction, antrinė rinka