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AGREEMENT BETWEEN NATIONAL BANK OF THE REPUBLIC OF BELARUS AND NATIONAL BANK OF THE KYRGYZ REPUBLIC ON THE ORGANIZATION OF CALCULATIONS

of February 5, 2003

National Bank of the Republic of Belarus (further - Bank of Belarus) and National Bank of the Kyrgyz Republic (further - Bank of Kyrgyzstan), hereinafter referred to as "Parties", expressing mutual interest in enhancement of the payment and settlement relations and development of mutually beneficial cooperation concerning banking regulation, agreed as follows:

Article 1

1. Calculations and payments between the participants of civil legal relationship who are those according to the legislation of the Republic of Belarus and the Kyrgyz Republic (daleeuchastnik of civil legal relationship) are performed in national currencies of the Republic of Belarus and the Kyrgyz Republic, in national currencies of other State Parties of the Constitutive treaty of Eurasian economic community, and also in freely convertible currencies according to the legislation of the Republic of Belarus and the Kyrgyz Republic.

2. In case of the conclusion in the procedure for transactions established by the legislation of the Republic of Belarus and the Kyrgyz Republic between participants of civil legal relationship the payment currency is determined by these transactions taking into account requirements of Item 1 of this Article.

3. Purchase transactions, sales and conversion of currencies performed by participants of civil legal relationship are made without restrictions on currency types on condition of observance of requirements of the legislation of the Republic of Belarus and the Kyrgyz Republic regulating these transactions.

4. Physical persons of the Republic of Belarus and the Kyrgyz Republic can make the mutual bank transfers which are not connected with business activity, both with opening and without opening of accounts in banks of the Republic of Belarus and the Kyrgyz Republic in the currencies specified in Item 1 of this Article, and also in any other currency which official rate to national currency is established both by Bank of Belarus, and Bank of Kyrgyzstan, taking into account the restrictions on transfer amount set by the legislation of the state from which territory bank transfer, and on condition of observance of requirements of this legislation is made.

5. Bank transfers concerning money between participants of civil legal relationship on socially important non-commercial payments are made according to the Agreement on procedure for money transfer to citizens on the socially important non-commercial payments signed on September 9, 1994 in Moscow.

Article 2

1. 1 calculations specified in Article and payments are made through the correspondent accounts of authorized banks of the Republic of Belarus and the Kyrgyz Republic opened by them each other or in banks of the third countries taking into account Item 3 of this Article. At the same time payments are made into the accounts (from accounts) participants of civil legal relationship opened by them in banks according to the Republic of Belarus and the Kyrgyz Republic except for specified in item 4 of Article of 1 cases when payments are made without opening of the account.

2. 1 calculations specified in Article and payments can be also made through accounts which participants of civil legal relationship (except authorized banks) in the procedure established by the legislation of the Republic of Belarus and the Kyrgyz Republic have in banks, foreign in relation to the relevant Party. Participants of civil legal relationship perfrom calculations through the specified accounts with observance of requirements of the legislation of the Republic of Belarus and the Kyrgyz Republic.

3. For carrying out the calculations and payments specified in Article 1 of this agreement, the Parties can open correspondent and other accounts each other, and also in authorized banks and addressed to authorized banks according to the Republic of Belarus and the Kyrgyz Republic. The procedure and conditions of implementation of payments and calculations through the above-stated accounts taking into account requirements of the legislation of the Republic of Belarus and the Kyrgyz Republic are established in free standing agreements.

4. The parties do not bear responsibility on settlement of cross liabilities of authorized banks of the Republic of Belarus and the Kyrgyz Republic.

Article 3

1. Authorized banks of the Republic of Belarus are the banks which obtained the General license of Bank of Belarus.

2. Authorized banks of the Kyrgyz Republic are the banks in accordance with the established procedure registered in the territory of the Kyrgyz Republic and having the license for making of banking activities, and also the additional license for carrying out banking activities in foreign currency.

3. Authorized banks of the Republic of Belarus and the Kyrgyz Republic open each other or unilaterally accounts on the basis of the agreements signed between them in which the procedure and conditions of implementation of payments taking into account requirements of the legislation of the Republic of Belarus and the Kyrgyz Republic are established.

4. Within these agreements authorized banks of the Republic of Belarus and the Kyrgyz Republic can perform purchase and sale of national currencies of the states of the Parties, mutual lending, and also other transactions which are not contradicting the legislation of the Republic of Belarus and the Kyrgyz Republic.

5. Means in national currencies of the Republic of Belarus and the Kyrgyz Republic on correspondent accounts of authorized banks of the Republic of Belarus and the Kyrgyz Republic can be used for implementation of the current payments as for benefit of participants of civil legal relationship of the Republic of Belarus and the Kyrgyz Republic, and participants of civil legal relationship of the third countries according to the legislation of the Republic of Belarus and the Kyrgyz Republic.

Article 4

1. Authorized banks of the Republic of Belarus make transactions in the domestic foreign exchange market of the Kyrgyz Republic through authorized banks of the Kyrgyz Republic if other is not established by the legislation of the Kyrgyz Republic.

2. Authorized banks of the Kyrgyz Republic make transactions in the domestic foreign exchange market of the Republic of Belarus through authorized banks of the Republic of Belarus if other is not established by the legislation of the Republic of Belarus.

Article 5

1. Opening and maintaining in banks of the Republic of Belarus of accounts of physical persons of the Kyrgyz Republic, not being entrepreneurs without formation of legal entity, are performed according to the legislation of the Republic of Belarus in the presence at physical person of the corresponding permission of Bank of Kyrgyzstan if receipt of such permission is stipulated by the legislation the Kyrgyz Republic.

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