Agreement between the Government, Central bank of the Republic of Uzbekistan and Government, National Bank of the Azerbaijan Republic on the organization of calculations

of June 18, 1997

The government, the Central bank of the Republic of Uzbekistan and the Government, National Bank of the Azerbaijan Republic, hereinafter referred to as "Parties", for the purpose of the organization of calculations agreed as follows:

Article 1

Calculations between the Republic of Uzbekistan and the Azerbaijan Republic are made in freely convertible currency according to the laws existing in the territory of the states of the Parties.

Article 2

1. Central Bank of the Republic of Uzbekistan and National Bank of the Azerbaijan Republic can establish correspondence relations by opening each other of accounts in freely convertible currency according to the laws existing in the territory of the states of the Parties.

2. The parties guarantee that the means which are on correspondent accounts of the Parties each other cannot be written off, or transactions on them are suspended without the consent of bank - the account holder.

3. Authorized banks of the Parties open correspondent accounts in freely convertible currency each other or unilaterally according to the laws existing in the territory of the states of the Parties.

Article 3

Authorized banks of the Republic of Uzbekistan are the commercial banks of the Republic of Uzbekistan which obtained the general license for carrying out banking activities in foreign currency, or having the special permission issued by the Central bank of the Republic of Uzbekistan.

Authorized banks of the Azerbaijan Republic are the commercial banks which obtained the license of National Bank of the Azerbaijan Republic for carrying out banking activities in foreign currency.

Article 4

1. Settlement on accounts of the Parties and authorized banks will be performed within the agreements on correspondence relations signed between them.

2. Authorized banks of the Republic of Uzbekistan and the Azerbaijan Republic can credit each other on contractual conditions according to the accepted international banking practice and according to the laws existing in the territory of the states of the Parties.

Article 5

1. The parties do not bear responsibility on settlement of cross liabilities of authorized banks and do not guarantee balance of balance in payments and calculations for the transactions performed through these banks.

2. Responsibility for accomplishment of cross payment obligations by the calculations perfromed through authorized banks is completely born by subjects of foreign economic activity of the Parties.

Article 6

Opening of branches of banks of the Republic of Uzbekistan in the territory of the Azerbaijan Republic is performed according to the legislation of the Azerbaijan Republic and in the presence of permission of the Central bank of the Republic of Uzbekistan.

Opening of branches of banks of the Azerbaijan Republic in the territory of the Republic of Uzbekistan is performed according to the legislation of the Republic of Uzbekistan and in the presence of permission of National Bank of the Azerbaijan Republic.

Article 7

1. Changes and amendments to this agreement are drawn up by separate protocols which are integral part of this agreement.

2. The Parties will solve all disputes and disagreements which can arise during the course of performance this agreement by negotiations and consultations.

Article 8

The parties inform all bank institutions of the state on contents of this Agreement.

Article 9

This agreement becomes effective from the date of the last notification on accomplishment of the interstate procedures by the Parties necessary for its introduction in force and will be effective within five years.

This agreement will be prolonged automatically for the subsequent five-year periods if any of the Parties does not notify on the intention to stop its action.

Each of the Parties can terminate this agreement by the written notice of other Party at any time, in this case it stops the action after three months from the date of receipt of such notification.

It is made in the city of Tashkent on June 18, 1997 in duplicate, everyone in the Uzbek, Azerbaijani and Russian languages, and all texts are equally authoritative.

For the purposes of interpretation of provisions of this agreement the text in Russian is used.

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