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

of September 16, 1996

The National Bank of the Republic of Kazakhstan and National Bank of the Azerbaijan Republic which are hereinafter referred to as the Party

wishing to promote development and deepening of trade and economic cooperation between the Republic of Kazakhstan and the Azerbaijan Republic, being guided by need of creation of the formal legal basis for the organization of calculations between both states and their business entities,

agreed as follows:

Article 1

1. Calculations and payments between two states are made in national currencies of the Republic of Kazakhstan and the Azerbaijan Republic, and also in currencies of the third countries according to the legislation existing in the territory of the states:

- through the Parties;

- through the banks having the license for carrying out banking activities in foreign currency, issued respectively by National Bank of the Republic of Kazakhstan and National Bank of the Azerbaijan Republic (further - banks).

Article 2

The National Bank of the Republic of Kazakhstan opens to National Bank of the Azerbaijan Republic the account in national currency of the Republic of Kazakhstan, and the National Bank of the Azerbaijan Republic opens to National Bank of the Republic of Kazakhstan the account in national currency of the Azerbaijan Republic.

Through correspondent accounts of the Parties calculations only for the transactions following from function of Central Banks are perfromed (including for conversion interbank transactions), calculations for other transactions are made only according to the supplementary agreement of the Parties.

Article 3

The Kazakhstan and Azerbaijani jars are opened each other or unilaterally by accounts in national currencies and in currencies of the third countries on the basis of the agreements signed between them in which the procedure and conditions of implementation of payments and calculations are established.

Within these agreements the Kazakhstan and Azerbaijani banks can perform on mutual basis purchase and sale of national currencies, and also mutual lending in national currencies and in currencies of the third countries according to the accepted international banking practice and the laws existing in the territories of the Republic of Kazakhstan and the Azerbaijan Republic.

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

Article 4

Means on correspondent accounts of the Kazakhstan and Azerbaijani banks can be used for implementation of the current payments in advantage of both legal entities and physical persons of the Republic of Kazakhstan and the Azerbaijan Republic, and legal entities and physical persons of the third countries according to the legislation of the Republic of Kazakhstan and the Azerbaijan Republic.

Article 5

The parties agreed that calculations through the correspondent accounts opened by them each other are performed as follows:

- payments are registered only in the presence of means on correspondent account if other is not provided by the free standing agreement of the Parties;

- percent on remaining balance on correspondent accounts are not charged if other is not provided by the free standing agreement of the Parties;

- calculations between business entities of the states are made based on properly the processed payment documents according to the international banking practice;

- write-off of funds from correspondent accounts of the Parties is made based on properly the drawn-up orders of the Parties;

- statements on correspondent accounts of the Parties are sent each other no later than the banking day following behind day of carrying out transaction;

- documents by interbank calculations are processed in Russian or English.

Article 6

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 the Party - the account holder.

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

Article 7

Opening and maintaining in banks of the Republic of Kazakhstan of accounts of legal entities and physical persons (non-bank organizations) of the Azerbaijan Republic is made based on permission of National Bank of the Azerbaijan Republic and according to the legislation of the Republic of Kazakhstan.

Opening and maintaining in banks of the Azerbaijan Republic of accounts of legal entities and physical persons (non-bank organizations) of the Republic of Kazakhstan is made based on special permission of National Bank of the Republic of Kazakhstan and according to the legislation of the Azerbaijan Republic.

Article 8

The procedure for import and export of cash of the Republic of Kazakhstan and the Azerbaijan Republic in the territories of the states of the Parties is regulated by the current legislation of two states.

Article 9

This agreement becomes effective from the date of its signing and is valid before the termination its one of the Parties with the prevention of other Party not later, than in 3 (three) months prior to its termination.

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

Signed in Baku on September 16, 1996 in duplicate in Russian, and both texts have identical legal force.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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