Agreement between the Government of the Republic of Tajikistan, National Bank of the Republic of Tajikistan and Government of the Russian Federation, Central bank of the Russian Federation on measures for ensuring mutual convertibility and stabilization of rates of the Tajik ruble and Russian ruble

of February 12, 1997

The government of the Republic of Tajikistan and National Bank of the Republic of Tajikistan (Bank of Tajikistan), on the one hand, both the Government of the Russian Federation and the Central bank of the Russian Federation (Bank of Russia), on the other hand, hereinafter referred to as by the Parties,

confirming commitment to creation of Economic union and step-by-step forming of the Payment union,

in view of functioning in the territories of both states of national cash systems with use as legal means of payment in the Republic of Tajikistan of the Tajik ruble, - in the Russian Federation of Russian ruble,

considering condition of the payment and settlement relations between the Republic of Tajikistan and the Russian Federation,

recognizing need of carrying out work on rapprochement of the legislation of the Republic of Tajikistan and the legislation of the Russian Federation in the field of regulation of the currency relations,

agreed as follows:

Article 1

The parties recognize that necessary condition for achievement of mutual convertibility of the Tajik ruble and Russian ruble is step-by-step implementation by the Parties of Actions for stabilization of their rates on the relation to each other and to freely convertible currencies.

Article 2

The parties will perform measures for forming of the visible foreign exchange market will provide functioning of the domestic foreign exchange markets in the Republic of Tajikistan and the Russian Federation.

The bank of Tajikistan and the Bank of Russia will provide regular quotations of the market rate of the Tajik ruble and Russian ruble on the relation to each other and to US dollar which I will be carried out on the basis of ratio of the demand and supply in the domestic foreign exchange markets of the relevant states.

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