Agreement between the Government of the Russian Federation, Central bank of the Russian Federation and Government of Turkmenistan, Central bank of Turkmenistan on measures for ensuring mutual convertibility and stabilization of rates of Russian ruble and Turkmenistan manat

of May 18, 1995

The government of the Russian Federation and the Central bank of the Russian Federation, on the one hand, both the Government of Turkmenistan and the Central bank of Turkmenistan, 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 territory of both states of national cash systems with use as legal means of payment in the Russian Federation - Russian ruble, in Turkmenistan - Turkmenistan manat,

considering current status of the payment and settlement relations between the Russian Federation and Turkmenistan,

recognizing need of carrying out further work on standardization of the current legislation according to the Russian Federation and Turkmenistan governing the currency relations

agreed as follows:

Article 1

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

Article 2

The parties will perform measures for forming of the liquid foreign exchange market, will provide functioning in parallel of the operating domestic foreign exchange markets in the Russian Federation and Turkmenistan.

Central Bank of the Russian Federation and the Central bank of Turkmenistan will provide regular quotations of rate of Russian ruble and Turkmenistan manat on the relation to each other which will be carried out on the basis of ratio of the demand and supply in the domestic foreign exchange markets of the Russian Federation and Turkmenistan or on the basis of cross-rate of the specified currencies to US dollar.

The parties will provide unification of the mechanism of currency exchange control and regulation.

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