The agreement on the approved monetary and monetarist policies of the Russian Federation and the Azerbaijan Republic

of September 30, 1992

The Russian Federation and the Azerbaijan Republic which are hereinafter referred to as with the Parties

being guided by general interest in preserving and further development of economic cooperation for the benefit of the people on mutually advantageous and equal basis,

aiming at strengthening of national cash systems and protection of economic interests of the population and business entities from inflation,

considering the purpose achievement of free convertibility of ruble,

recognizing need to refrain from any actions causing damage each other

agreed as follows:

Article 1

In the territory of the states which signed this agreement, general legal means of payment is the ruble emitted by the Central bank of the Russian Federation.

In the territory of the Azerbaijan Republic, along with ruble, legal means of payment the "manat" emitted by National Bank of the Azerbaijan Republic within the total amount of ruble issue is.

Any restrictions for the address of ruble are not allowed.

Article 2

In case of acceptance of one of the Parties of the decision on introduction of national currency it is performed according to specially signed agreement and taking into account the obligations which are earlier accepted by each of the Parties.

Article 3

The cross debt obligations of the Parties which arose after July 1, 1992 and reflected in the correspondent accounts opened by the Central bank of the Russian Federation and National Bank of the Azerbaijan Republic each other are subject to settlement, and if necessary are drawn up as external public debt.

Calculations for mutual commodity deliveries are perfromed according to the international trade and banking practice providing balance of calculations at the interstate level and excluding possibility of automatic financing of deliveries to damage to economic interests of the states - trading partners.

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