Agreement on practical measures on creation of ruble zone of new type

of September 7, 1993

The governments and the Central (national) Banks of the Republic of Kazakhstan, the Russian Federation, the Republic of Uzbekistan, the Republic of Armenia, the Republic of Belarus and the Republic of Tajikistan which are hereinafter referred to as with the Parties

being guided by the Statement of heads of states of the Republic of Kazakhstan, the Russian Federation and the Republic of Uzbekistan in connection with the termination of the circulation in the territory of the Russian Federation of cash tickets of the State Bank of the USSR and the Bank of Russia of sample of 1961 - 1992 years,

expressing the aspiration to have general cash system with use of ruble - currencies of the Russian Federation as legal means of payment in the territory of the Parties,

agreed as follows:

Article 1

The parties recognize that necessary condition of creation of ruble zone of new type are coordination on key parameters of economic policy of the State Parties of the Agreement, unification of the basic principles of the customs, tax, budget, bank and foreign exchange legislation, monetary control methods, ensuring free movement of goods, investments and labor power between the territories of the Parties.

After realization of each of the Parties of the specified premises transition to general with the Russian Federation cash system will be regulated and be determined by free bilateral agreements of the relevant states and the Russian Federation.

The government of the Russian Federation and the Central Bank of Russia assume liability to make available to the Parties acting legislative and regulations in the field of financial, monetary, currency, customs regulation no later than September 15, 1993.

Article 2

Ensuring stability of functioning of the existing cash systems of the Parties with use in the cash address of their monetary units will become the first step to creation of ruble zone of new type. The exchange rate of currencies, steady in relation to ruble of the Russian Federation, for the purpose of normalization of economic bonds and deepening of economic integration shall support the parties and to provide their mutual convertibility (reversibility).

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