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

of July 27, 1995

The government of the Russian Federation, the Central bank of the Russian Federation, on the one hand, and the Government of the Republic of Uzbekistan, the Central bank of the Republic of Uzbekistan, on the other hand, hereinafter referred to as by the Parties,

confirming commitment to creation of Economic union and to 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 Russian Federation - Russian ruble, in the Republic of Uzbekistan - Uzbekistan sum,

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

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

agreed as follows:

Article 1

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

Article 2

Central Bank of the Russian Federation and the Central bank of the Republic of Uzbekistan will provide regular (at least once a week) quotations of rate of Russian ruble and Uzbekistan sum.

Until sformirovaniye of the full markets of Russian ruble and Uzbekistan sum in the territory of the Russian Federation and the territories of the Republic of Uzbekistan, the Central bank of the Russian Federation and the Central bank of the Republic of Uzbekistan for the purposes of accounting, and also implementation of payments of uncommercial nature and customs payments are established by the reciprocal rates of ruble and bag on the basis of cross-rate of these currencies to US dollar.

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