Agreement between the Government of the Russian Federation, Bank of Russia and Government of the Republic of Kazakhstan, National Bank of the Republic of Kazakhstan on measures for ensuring mutual convertibility and stabilization of rates of Russian ruble and Kazakh tenge
of January 20, 1995
The government of the Russian Federation and the Bank of Russia, on the one hand both the Government of the Republic of Kazakhstan and National Bank of the Republic of Kazakhstan, 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 territory of both states of national cash systems with use as legal means of payment in the Russian Federation - Russian ruble, in the Republic of Kazakhstan - the Kazakh tenge,
considering current status of the payment and settlement relations between the Russian Federation and the Republic of Kazakhstan,
recognizing need of carrying out further work on standardization of the current legislation according to the Russian Federation and the Republic of Kazakhstan governing the currency relations
agreed as follows:
The parties recognize that necessary condition of achievement of mutual convertibility of Russian ruble and Kazakh tenge is step-by-step implementation of actions of the Parties for stabilization of their rates on the relation to each other and to freely convertible currencies.
The parties will perform measures for forming of the liquid foreign exchange market, will provide functioning in parallel of the operating domestic foreign exchange markets in the Russian Federation and the Republic of Kazakhstan.
The Bank of Russia and National Bank of the Republic of Kazakhstan will provide regular (at least two weekly) quotations of the market rate of Russian ruble and the Kazakh tenge on the relation to each other and to US dollar which will be carried out on the basis of ratio of the demand and supply in the domestic foreign exchange markets of the relevant states.
The parties will provide unification of the mechanism of currency exchange control and regulation.
For the purpose of creation of the developed domestic 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 Russian Federation and the Republic of Kazakhstan.
Calculations between business entities of two states can be perfromed in Russian rubles or the Kazakh tenges, and in the presence of mutual consent - in freely convertible currencies.
The parties can grant each other the loans in Russian rubles and the Kazakh tenges according to the legislation according to the Russian Federation and the Republic of Kazakhstan.
The Bank of Russia and National Bank of the Republic of Kazakhstan when implementing course policy will use cross-rate of currencies of the Russian Federation and the Republic of Kazakhstan in relation to US dollar.
Regulation of the exchange rates of Russian ruble and Kazakh tenge on the relation is to each other performed by the Bank of Russia and National Bank of the Republic of Kazakhstan by means of use of the centralized funds of currencies of the Russian Federation and the Republic of Kazakhstan which are at their disposal.
The Bank of Russia and National Bank of the Republic of Kazakhstan can sign agreements on implementation of mutual exchange of means of payment (transactions like "SWAP"), to sign purchase and sale agreements of Russian ruble and Kazakh tenge.
The parties will take measures to introduction of amendments to the relevant acts of the legislation of the states for the purpose of ensuring import and export of both countries by physical persons according to requirements of the foreign exchange legislation of the Parties of cash bank notes of the Russian Federation and the Republic of Kazakhstan, having established procedure for their declaring, and also measure for creation in the territories of both states of network of exchange points for carrying out transactions with cash bank notes of the Russian Federation and the Republic of Kazakhstan.
This agreement will become effective from the date of the last notification on accomplishment by the Parties of interstate procedures necessary for this purpose according to national legal systems of the states of the Parties.
It is made in Moscow on January 20, 1995 in duplicate, everyone in the Russian and Kazakh languages, and both texts are equally authoritative.
For the Government of the Russian Federation
For the Government of the Republic of Kazakhstan
For the Bank of Russia
For National Bank of the Republic of Kazakhstan
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