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Agreement on organization of Interstate bank

of January 22, 1993

The State Parties of this agreement, further - Contracting Parties,

in pursuance of the Agreement on single cash system and the approved monetary and monetarist policies of the states which kept ruble as legal means of payment, and the Decision of Council of the heads of states and Council of Heads of Government of the Commonwealth accepted on October 9, 1992 in Bishkek

being guided by interests of preserving and development of the multilateral production, trade and financial relations,

aiming at ensuring stabilization of currency circulation,

recognizing need and importance of coordination of activities of bank structures,

for the purpose of the organization of system of multilateral interstate payments, strengthening of monetary impact on accomplishment of cross interstate liabilities and influence of the payment and settlement mechanism on expansion of direct connections of the companies, organizations and commercial structures

agreed as follows:

Article 1

1. Form Interstate bank, further - Bank.

Founders (members) of Bank are the states of ruble zone and the state having the national currency and which are taking part in system of multilateral payments on behalf of the governments and the Central (national) Banks of Contracting Parties.

2. The bank provides the organization and implementation of multilateral payments between the Central (national) Banks in connection with trading and other activities.

The bank within the powers conferred to it by Contracting Parties performs coordination of monetary policy of agreement parties for the purpose of assistance to economic cooperation and development of economy.

3. Governing body of Bank is the Council of the bank which part about one plenipotentiary from the member of Bank is. Decisions of Council of the bank are made according to the procedure, determined by the Charter of Bank.

4. The calculations passing through Bank are carried out in the rubles emitted by the Central bank of the Russian Federation.

Completion of calculations for clearing for certain date is performed in rubles or according to the solution of Council of the bank in freely convertible or other currency.

Article 2

The bank is legal entity.

The Bank location - the city of Moscow.

The bank can participate in the international financial and banking organizations and the unions.

Activities of Bank are regulated by this agreement and the Charter of Bank which is its integral part.

The relations between Bank and adoptive state of Bank, including its privileges and immunities, are determined by the relevant agreement.

Article 3

The following functions are assigned to Bank:

the organization and implementation of multilateral interstate payments for trading and other activities and their periodic completion on the basis of multilateral clearing (offsetting of mutual requirements);

organization of management of issue of cash rubles and credit issue of Contracting Parties by the Central (national) Banks. The specified function is performed only on condition of delegation to Bank of such powers by legislature of the interested Contracting Parties and the conclusions of the relevant agreement;

studying and the analysis of economy of Contracting Parties and preparation of offers and recommendations to the Central (national) Banks for the purpose of coordination of their monetary and monetarist policies;

coordination of activities of the Central (national) Banks of Contracting Parties in the field of methodology of accomplishment of settlement payment transactions, the organization of system of financial accounting and the reporting under settlement and other transactions, development of offers on rapprochement of the modes of supervision of commercial banks;

technical and seasonal crediting of the Central (national) Banks in the course of implementation of mutual multilateral interstate payments;

making of other transactions answering the purpose and tasks of Bank, following from this agreement and the Charter of Bank.

Article 4

1. The original authorized capital of Bank in the amount five billion rubles is created at the expense of fees of members of Bank in the sizes determined by Council of the bank.

2. Fees in the authorized capital of Bank can be made in rubles, and also in freely convertible currency, by buildings, constructions, the equipment, other material values and property.

Founders of Bank shall contribute within one month after entry into force of this agreement.

3. The size of the authorized capital of Bank can be changed according to the solution of Council of the bank.

In case of acceptance of the new state in members of Bank the amount of the authorized capital of Bank increases. The amount, method and terms of fee of the new member of Bank are determined by Council of the bank in coordination with it.

4. The bank can have special funds, including reserve, created according to the solution of Council of the bank.

Article 5

1. The current payments between business entities of Contracting Parties are made on bilateral basis and regulated by their national legal system.

Completion of calculations between the Central (national) Banks of Contracting Parties is made through Bank by bank transfers on the basis of multilateral clearing.

2. To each Central (national) Bank one correspondent account in Bank is opened.

3. Daily the Bank makes multilateral clearing and determines settlement line item of each Central (national) Bank in the relations with all other Central (national) Banks.

Frequency and procedure for completion of calculations for results of multilateral clearing are determined by Council of the bank.

Article 6

1. For completion of calculations for multilateral clearing the Bank at the first stage can grant to members of Bank the loan in sizes, as a rule, to monthly amount of revenues to the account of this member at the expense of the credit line opened to Bank by the Central bank of the Russian Federation.

Further the extreme sizes of the admissible credits of Bank to the Central (national) Banks are established by Council of the bank.

The Central (national) banks repay the debt to Bank due to receipt of the credits on bilateral basis or freely convertible currency.

The Central (national) banks shall govern the payment relations on bilateral basis so that observance of the limits of technical crediting set for each of these banks by Council of the bank was provided.

The loans are granted for a period of up to the next regulation of clearing accounts.

2. For use of the technical credits percent in the sizes established by Council of the bank are levied.

3. The requirements to the central (national) debtor bank exceeding the admissible size of the technical credit shall be extinguished by it during five banking days after the direction to it of the corresponding notice from Bank.

4. The bank informs relevant organs of Contracting Parties on the arising violations of payment obligations.

5. The bank is competent to limit or to completely stop calculations of those Central (national) Banks which violate the payment obligations to Bank.

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