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Agreement between National Bank of the Republic of Belarus and Central Bank of Turkmenistan on the organization of calculations

of August 9, 1996

The National Bank of the Republic of Belarus and the Central bank of Turkmenistan which are hereinafter referred to as with the Parties agreed as follows.

Article 1

All calculations and payments for goods and services between business entities (legal entities and physical person) of the Republic of Belarus and Turkmenistan in agreements (contracts) signed between them are performed in national currencies of the Republic of Belarus and Turkmenistan, currencies of the State Parties of the Payment union, and also in freely convertible currencies according to the legislation of the states in the territory of which calculations are made.

The payment currency and forms of calculations are determined by agreement of subjects of foreign economic activity.

Article 2

1 calculations specified in Article and payments are made via bank transfer through correspondent accounts of authorized banks of the Republic of Belarus and Turkmenistan.

Calculations for intergovernmental agreements are perfromed through the special accounts opened for these purposes in authorized banks including through the accounts opened by the Parties each other.

Article 3

Authorized banks of the Republic of Belarus are the banks of the Republic of Belarus which obtained the general license of National Bank of the Republic of Belarus for carrying out transactions with foreign currency.

Authorized banks of Turkmenistan are the commercial banks of Turkmenistan having special permission of the Central bank of Turkmenistan with the right of maintaining correspondent accounts in foreign currency.

Article 4

Authorized banks of the Republic of Belarus and Turkmenistan can credit each other on contractual conditions taking into account the accepted international banking practice and according to the legislation existing in the territory of each state.

The parties do not bear responsibility on settlement of the debt obligations arising between authorized banks and do not guarantee balance of calculations for the transactions performed by them.

Article 5

Opening of branches and affiliated organizations of authorized banks of Turkmenistan in the territory of the Republic of Belarus is performed according to the legislation of the Republic of Belarus.

Opening of branches and affiliated organizations of authorized banks of the Republic of Belarus in the territory of Turkmenistan is performed according to the legislation of Turkmenistan in the presence of permission of National Bank of the Republic of Belarus.

Article 6

Opening in banks of Turkmenistan of accounts for legal entities of the Republic of Belarus (non-bank organizations) is allowed only in the presence of permission of National Bank of the Republic of Belarus.

Opening in banks of the Republic of Belarus of accounts for legal entities of Turkmenistan (non-bank organizations) is allowed only in the presence of permission of the Central bank of Turkmenistan.

Article 7

Opening in banks of Turkmenistan of accounts in national or foreign currency to physical persons of the Republic of Belarus is performed according to the legislation of Turkmenistan.

Opening in banks of the Republic of Belarus of accounts in national or foreign currency to physical persons of Turkmenistan is performed according to the legislation of the Republic of Belarus.

Article 8

Establishment of direct correspondence relations between the Central bank of Turkmenistan and authorized banks of the Republic of Belarus or between National Bank of the Republic of Belarus and authorized banks of Turkmenistan is made by the Parties independently.

Transactions on the correspondent accounts of National Bank of the Republic of Belarus opened in authorized banks of Turkmenistan are performed according to the legislation of Turkmenistan.

Transactions on the correspondent accounts of the Central bank of Turkmenistan opened in authorized banks of the Republic of Belarus are performed according to the legislation of the Republic of Belarus.

Article 9

On correspondent accounts of the Parties calculations for the transactions (including conversion) following from functions of National Bank of the Republic of Belarus and the Central bank of Turkmenistan are perfromed only.

Calculations for other transactions are made only according to the supplementary agreement of the Parties.

Article 10

Through the correspondent accounts opened each other the Parties agreed upon calculations as follows.

1. Payments (transactions) are made only in the presence of means on correspondent account.

2. Percent on remaining balance of means on correspondent accounts are not charged and not paid, except as specified, when the passive remaining balance of correspondent account is drawn up by the free deposit standing agreement.

3. The reinforcement of correspondent accounts can be performed due to provision of one state by the government to the government of other state of inter-government credit which conditions and terms of provision are regulated by the free standing agreement.

4. Calculations are made by payment orders. As agreed by the parties other forms of calculations can be applied.

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