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Agreement on the organization of calculations between the Government of the Republic of Kazakhstan and National Bank of the Republic of Kazakhstan and Government of the Kyrgyz Republic and National Bank of the Kyrgyz Republic

of February 18, 1994

The government of the Republic of Kazakhstan and National Bank of the Republic of Kazakhstan (further "Bank of Kazakhstan") both the Government of the Kyrgyz Republic and National Bank of the Kyrgyz Republic (further "Bank of Kyrgyzstan") which are hereinafter referred to as the Party

agreed as follows:

Article 1

The cross debt obligations and requirements of the parties by results of trade and economic and other relations which developed before introduction of correspondent accounts, reflected in balances of Bank of Kazakhstan and Bank of Kyrgyzstan are subject to settlement at the intergovernmental level till May 1, 1994.

Article 2

Calculations between the Republic of Kazakhstan and the Kyrgyz Republic are made in legal tender currencies of the Republic of Kazakhstan and the Kyrgyz Republic, rubles of the Russian Federation or freely-convertible currency according to the laws existing in the territory of each state:

- through the parties,

- through authorized banks.

Bank of Kazakhstan the correspondent account in tenge opens Jar of Kyrgyzstan, and the Bank of Kyrgyzstan keeps to Bank of Kazakhstan correspondent account in som.

In mutual calculations currency rates are to each other established by each of the parties independently according to the foreign exchange legislation.

The parties communicate about the established currency rates, no later than the next day after change in the exchange rate of currencies.

Article 3

Calculations through correspondent accounts of the parties are perfromed for the provided goods, works and services to legal entities of the Republic of Kazakhstan and the Kyrgyz Republic only according to intergovernmental agreements on the basis of the separate list.

Means on the correspondent accounts opened by National Banks each other can be used for conversion interbank transactions, and also other transactions by agreement of the parties.

Calculations for all other transactions are perfromed through authorized banks.

Article 4

Authorized banks of the Republic of Kazakhstan are the commercial banks of the Republic of Kazakhstan which obtained the license for carrying out banking activities in foreign currency, or having the special permission issued by National Bank of the Republic of Kazakhstan.

Authorized banks of the Kyrgyz Republic are the commercial banks of the Kyrgyz Republic which obtained the license for carrying out banking activities in foreign currency, or having the special permission issued by National Bank of the Kyrgyz Republic.

Article 5

The authorized banks of the Republic of Kazakhstan and Kyrgyz Republic operating correspondent accounts (Loro and Nostro), can credit each other on contractual conditions according to the accepted international banking practice and according to the laws existing in the territory of each state.

Article 6

The parties are guaranteed that they means of authorized banks of one state, being on correspondent accounts of authorized banks of other state, cannot be written off, or transactions on correspondent accounts are stopped without the consent of the relevant authorized bank if other is not provided in the agreement on correspondence relations.

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

Article 7

The parties will charge to the Ministries of Finance together with Banks and the interested ministries and departments till March 15, 1994 to develop the approved mechanism of free carrying out non-commercial payments through authorized banks according to the agreement on non-commercial payments between the Government of the Republic of Kazakhstan and the Government of the Kyrgyz Republic concluded on June 8, 1993 in the city of Almaty.

Article 8

Non-bank organizations, the companies, the organizations and individuals the residents of the Republic of Kazakhstan having the special permissions opening accounts in Banks of the Kyrgyz Republic shall register them in the Ministry of Finance and National Bank of the Republic of Kazakhstan.

Non-bank organizations, the companies, the organizations and individuals the residents of the Kyrgyz Republic having the special permissions opening accounts in Banks of the Republic of Kazakhstan shall register them in the Ministry of Finance and National Bank of the Kyrgyz Republic.

The parties on demand provide each other the information about persons who were not registered according to this Article.

Article 9

The parties agreed upon calculations through the correspondent accounts opened each other, as follows:

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

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