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Agreement on practical measures on creation of ruble zone of new type

of September 7, 1993

The governments and the Central (national) Banks of the Republic of Kazakhstan, the Russian Federation, the Republic of Uzbekistan, the Republic of Armenia, the Republic of Belarus and the Republic of Tajikistan which are hereinafter referred to as with the Parties

being guided by the Statement of heads of states of the Republic of Kazakhstan, the Russian Federation and the Republic of Uzbekistan in connection with the termination of the circulation in the territory of the Russian Federation of cash tickets of the State Bank of the USSR and the Bank of Russia of sample of 1961 - 1992 years,

expressing the aspiration to have general cash system with use of ruble - currencies of the Russian Federation as legal means of payment in the territory of the Parties,

agreed as follows:

Article 1

The parties recognize that necessary condition of creation of ruble zone of new type are coordination on key parameters of economic policy of the State Parties of the Agreement, unification of the basic principles of the customs, tax, budget, bank and foreign exchange legislation, monetary control methods, ensuring free movement of goods, investments and labor power between the territories of the Parties.

After realization of each of the Parties of the specified premises transition to general with the Russian Federation cash system will be regulated and be determined by free bilateral agreements of the relevant states and the Russian Federation.

The government of the Russian Federation and the Central Bank of Russia assume liability to make available to the Parties acting legislative and regulations in the field of financial, monetary, currency, customs regulation no later than September 15, 1993.

Article 2

Ensuring stability of functioning of the existing cash systems of the Parties with use in the cash address of their monetary units will become the first step to creation of ruble zone of new type. The exchange rate of currencies, steady in relation to ruble of the Russian Federation, for the purpose of normalization of economic bonds and deepening of economic integration shall support the parties and to provide their mutual convertibility (reversibility).

In case of need the State Parties of this agreement can enter own bank notes during the transition period.

During transition period the monetary relations of the Parties are based on mutual recognition of the functioning bank notes.

Article 3

The mechanism of maintenance of exchange rate stability of monetary units of the State Parties of this agreement in relation to ruble of the Russian Federation is provided by approval of key parameters of monetary, financial, monetarist and customs policy by the Parties, and also by carrying out by the Central (national) Banks the Parties of the approved currency interventions in the markets.

At the same time the Parties as the main indicators approve:

amount of money supply in the territory of the State Parties of the Agreement;

extent of deficits of consolidated budgets;

indicators of regulation of activities of commercial banks;

loan interest rates.

Bilateral agreements with the Russian Federation can join also other indicators.

Article 4

The parties which did not withdraw cash tickets of the State Bank of the USSR and the Bank of Russia of sample of 1961-1992 from circulation can use these cash tickets as legal means of payment in the territory.

In case of need for any of the Parties this Party makes to introduce into circulation own bank notes as temporary measure the decisions approved with other Parties directed to non-admission of export of cash tickets of the State Bank of the USSR and the Bank of Russia of sample of 1961-1992 from the territory on the territory of the states where these cash tickets continue to be used as legal means of payment.

Article 5

Calculations and payments of legal entities and physical persons of the Parties are made in accordance with the established procedure through system of correspondent accounts of commercial and Central (national) banks.

Article 6

The parties pursue single policy for currencies of the third countries.

Article 7

The parties can provide each other in accordance with the established procedure public credits on the basis of intergovernmental agreements.

Article 8

For providing during transition period of mutual calculations for uncommercial transactions of the Party assume liability to sell each other national bank notes, including cash tickets of the Central bank of the Russian Federation of sample of 1993 and rubles of sample of 1961-1992.

The sizes and procedure for sale and purchase of currencies, and also procedure for the interbank calculations connected with it are determined by free bilateral agreements of the Parties.

Article 9

The parties will determine conditions and procedure for joint ensuring stability of general currency - ruble of the Russian Federation highly liquid assets is pro rata to the amount of cash money issue in each of the Parties, and also management of the monetary relations, general rules of the organization of credit, settlement, cash and currency transactions, bank and currency exchange control.

Article 10

All questions connected with the termination of the address in the territory of the Parties of cash tickets of the State Bank of the USSR and the Bank of Russia of sample of 1961-1992 and their replacement by rubles of the Russian Federation, the Party will solve on the basis of bilateral agreements of the relevant states with the Russian Federation.

Article 11

This agreement does not mention all earlier reached agreements of each of the Parties with other gosudarstvamirespublika of the former USSR concerning the monetary, financial and currency relations.

Article 12

Coordination of works on implementation of provisions of this agreement of the Party is charged to the permanent bilateral intergovernmental commissions.

Article 13

This agreement is effective from the date of its signing and becomes effective after its ratification in accordance with the established procedure.

Article 14

This agreement is open for accession to it of any state recognizing it provisions. This accession is made in case of receipt of consent of all agreement parties.

It is made in Moscow on September 7, 1993 in one authentic copy in Russian. The authentic text is stored in Archive of the Government of the Russian Federation which will send to the states which signed this agreement, its verified copy.

 

For the Government of the Republic of Kazakhstan 

For National Bank of the Republic of Kazakhstan 

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