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The protocol on measures for ensuring interaction of national monetary systems for the purpose of creating favorable conditions for development of mutual trade of the states of agreement parties about deepening of integration in economic and humanitarian areas of March 29, 1996

of February 26, 1999

Governments and national (central) banks of the Republic of Belarus, Republic of Kazakhstan, Kyrgyz Republic, Russian Federation and Republic of Tajikistan,

following rate of development of integration processes of the countries agreement parties about deepening of integration in economic and humanitarian areas of March 29, 1996,

aiming at creation of favorable and mutually advantageous conditions for development of mutual trade,

in view of functioning in the territory of the states of national monetary systems and recognizing currency sovereignties of each other,

considering necessary wider use of the national currencies in the mutual payment and settlement relations,

determined and agreed to realize the following main measures providing interaction of national monetary systems for the purpose of creating favorable conditions for development of mutual trade:

1. Complete signing on bilateral basis of agreements on mutual convertibility and stabilization of the national currency rates, about elimination of double taxation and prevention of tax avoidance on the income and the capital, to provide accomplishment of the interstate procedures necessary for their introduction in force.

2. Complete liberalization of national currency systems by implementation of internal convertibility of national currencies, cancellations of restrictions for use of currency of other states on the current payments, introductions of the single exchange rate of national currency on current transactions of paying balance, admission of nonresident banks on the domestic foreign exchange markets, cancellations of import restrictions and export of national currency by authorized banks.

3. Join the 8th article of the Charter of the International Monetary Fund.

4. Create the mechanism of approval of the currency rates of national currencies and develop the mode of their joint regulation.

The this Protocol becomes effective from the moment of its signing and is effective within two years from the date of signing.

It is made in Moscow on February 26, 1999 in one copy in Russian. The authentic copy is stored in Integration Committee which sends to each State Party of the this Protocol its verified copy.

 

For the Government of the Republic of Belarus

For National Bank of the Republic of Belarus

For the Government of the Republic of Kazakhstan

For National Bank of the Republic of Kazakhstan

For the Government of the Kyrgyz Republic

For National Bank of the Kyrgyz Republic

For the Government of the Russian Federation

For the Central bank of the Russian Federation

For the Government of the Republic of Tajikistan

For National Bank of the Republic of Tajikistan

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