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Agreement between the Government of the Russian Federation, Central bank of the Russian Federation and Government of the Republic of Uzbekistan, Central bank of the Republic of Uzbekistan on measures for ensuring mutual convertibility and stabilization of rates of Russian ruble and Uzbekistan sum

of July 27, 1995

The government of the Russian Federation, the Central bank of the Russian Federation, on the one hand, and the Government of the Republic of Uzbekistan, the Central bank of the Republic of Uzbekistan, on the other hand, hereinafter referred to as by the Parties,

confirming commitment to creation of Economic union and to 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 Russian Federation - Russian ruble, in the Republic of Uzbekistan - Uzbekistan sum,

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

recognizing need of carrying out further work on standardization of the current legislation according to the Russian Federation and the Republic of Uzbekistan governing the currency relations

agreed as follows:

Article 1

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

Article 2

Central Bank of the Russian Federation and the Central bank of the Republic of Uzbekistan will provide regular (at least once a week) quotations of rate of Russian ruble and Uzbekistan sum.

Until sformirovaniye of the full markets of Russian ruble and Uzbekistan sum in the territory of the Russian Federation and the territories of the Republic of Uzbekistan, the Central bank of the Russian Federation and the Central bank of the Republic of Uzbekistan for the purposes of accounting, and also implementation of payments of uncommercial nature and customs payments are established by the reciprocal rates of ruble and bag on the basis of cross-rate of these currencies to US dollar.

The parties will take measures for unification of the mechanism of currency control and control.

Article 3

For the purpose of creation of the domestic foreign exchange markets 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 Uzbekistan.

Article 4

Calculations between business entities of two states are perfromed through authorized banks of the Parties in Russian rubles or Uzbekistan sum, and in the presence of mutual consent - in freely convertible currencies.

Article 5

The parties can grant each other domestic currency loans of the Parties and according to the legislation according to the Russian Federation and the Republic of Uzbekistan.

Article 6

The parties will perform measures for forming of the foreign exchange market, will provide functioning in parallel of the operating domestic foreign exchange markets in the Russian Federation and the Republic of Uzbekistan.

Regulation of the exchange rates of Russian ruble and Uzbekistan sum on the relation is to each other performed by the Central bank of the Russian Federation and the Central bank of the Republic of Uzbekistan by means of use of the centralized funds of currencies of the Russian Federation and the Republic of Uzbekistan which are at their disposal.

Article 7

Central Bank of the Russian Federation and the Central bank of the Republic of Uzbekistan 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 Uzbekistan sum, and also freely convertible currencies in coordination with the Ministries of Finance of the Parties.

Article 8

The parties will take measures to modification of the corresponding legal acts of the states for the purpose of ensuring free import and export by physical persons of cash bank notes of the Russian Federation and the Republic of Uzbekistan, 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 Uzbekistan.

Article 9

This agreement becomes effective from the date of the last notification on accomplishment by the Parties of interstate procedures necessary for this purpose.

It is made in the city of Tashkent on July 27, 1995, in duplicate, everyone in the Russian and Uzbek languages, and both texts are equally authoritative.

 

For the Government of the Russian Federation

For the Government of the Republic of Uzbekistan 

For the Central bank of the Russian Federation

For the Central bank of the Republic of Uzbekistan 

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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