Agreement between the Government of the Republic of Tajikistan, National Bank of the Republic of Tajikistan and Government of the Russian Federation, Central bank of the Russian Federation on measures for ensuring mutual convertibility and stabilization of rates of the Tajik ruble and Russian ruble

of February 12, 1997

The government of the Republic of Tajikistan and National Bank of the Republic of Tajikistan (Bank of Tajikistan), on the one hand, both the Government of the Russian Federation and the Central bank of the Russian Federation (Bank of Russia), on the other hand, hereinafter referred to as by the Parties,

confirming commitment to creation of Economic union and step-by-step forming of the Payment union,

in view of functioning in the territories of both states of national cash systems with use as legal means of payment in the Republic of Tajikistan of the Tajik ruble, - in the Russian Federation of Russian ruble,

considering condition of the payment and settlement relations between the Republic of Tajikistan and the Russian Federation,

recognizing need of carrying out work on rapprochement of the legislation of the Republic of Tajikistan and the legislation of the Russian Federation in the field of regulation of the currency relations,

agreed as follows:

Article 1

The parties recognize that necessary condition for achievement of mutual convertibility of the Tajik ruble and Russian ruble is step-by-step implementation by the Parties of Actions for stabilization of their rates on the relation to each other and to freely convertible currencies.

Article 2

The parties will perform measures for forming of the visible foreign exchange market will provide functioning of the domestic foreign exchange markets in the Republic of Tajikistan and the Russian Federation.

The bank of Tajikistan and the Bank of Russia will provide regular quotations of the market rate of the Tajik ruble and Russian ruble on the relation to each other and to US dollar which I will be carried out on the basis of ratio of the demand and supply in the domestic foreign exchange markets of the relevant states.

Article 3

For the purpose of creation of the developed domestic foreign exchange market and establishment of the real exchange rate of currencies of the Party will perform agreed measures on creation of the most favorable climate for development of trade between the Republic of Tajikistan and the Russian Federation.

Article 4

Calculations between business entities of the Republic of Tajikistan and the Russian Federation can be performed in the Tajik rubles or Russian rubles, and in the presence of mutual consent in freely convertible currencies.

Article 5

The parties can grant each other the loans in the Tajik rubles and Russian rubles according to the national legal system of the states.

Article 6

The bank of Tajikistan and the Bank of Russia when implementing course policy will use cross-rate of currencies of the Republic of Tajikistan and the Russian Federation in relation to US dollar.

Regulation of the exchange rates of the Tajik ruble and Russian ruble on the relation is to each other performed by Bank of Tajikistan and the Bank of Russia.

Article 7

The bank of Tajikistan and the Bank of Russia can sign agreements on implementation of mutual exchange of means of payment (transactions like "SWAP"), to sign purchase agreements, sales of the Tajik ruble and Russian ruble, and also freely convertible currencies.

Article 8

The parties will take measures for creation in the territories of both states of network of exchange points for carrying out transactions with cash bank notes of the Republic of Tajikistan and the Russian Federation.

Article 9

This agreement will become effective from the date of the last written notice of accomplishment by the Parties of interstate procedures necessary for this purpose according to the national legal system of the states of the Parties.

It is made in Dushanbe on February 12, 1997 in duplicate, everyone in the Tajik and Russian languages, and both texts are equally authoritative.

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