Agreement on measures for ensuring improvement of calculations between the economic organizations of member countries of the Commonwealth of Independent States

of May 15, 1992

Heads of states of member countries of the Commonwealth of Independent States for the purpose of improvement of calculations between the economic organizations and reducings reciprocal debt for goods and services agreed as follows:

Article 1

Recognize intolerant the situation with calculations for goods and services, with the budget and for other obligations. Oblige the governments to take immediate measures to normalization of financial condition and to enact the mechanism of sanitation and bankruptcy of insolvent enterprises and organizations.

Article 2

Charge to heads of governments and National (central) Banks:

settle requirements of business entities of the State Parties of the CIS, including mutual offsetting of interstate obligations, having coordinated it to streamlining of the payment and settlement relations, development of paying balances, perspective of introduction of national currencies;

determine the procedure of payments through telecommunications agencies of countries of the Commonwealth of Independent States providing money for timely settlings with rewater receivers;

provide implementation of the mechanism of calculations between the companies using bills of exchange, and also use cable and other forms of acceleration of payment of accounts;

sign the Agreement on the mechanism of further functioning of cash system based on the single legal payment sredstverubl, and of the corresponding methods of carrying out the approved monetary policy in ruble zone taking into account perspective of introduction of national monetary units by the certain gosudarstvamibyvshy Republics of USSR.

Charge to National (central) Banks no later than May 20 of this year to determine terms of settlement of the mutual payment and settlement relations, but not later than the first half of June of the current year.

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