The agreement between the Government and the Central bank of the Russian Federation and the Government and National Bank of the Azerbaijan Republic on cross liabilities and mutual support in connection with introduction of national currency - manat the Azerbaijan Republic

of October 21, 1994

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

in connection with introduction by the Azerbaijan Republic in the address of manat as the single means of payment in its territory,

confirming the aspiration to refrain from any actions causing economic damage to interests of the Parties

agreed as follows:

Article 1

The parties will give each other full support and help in the problem resolution, connected with introduction of the manat by the Azerbaijan Republic which further is referred to as with national currency including implementation of measures for maintenance of rate stability of national currencies of the Parties.

Article 2

The parties determine that clearing settlements between legal entities and physical persons of the Russian Federation and the Azerbaijan Republic can be made, at their discretion, in national currency of the Azerbaijan Republic or in rubles of the Russian Federation according to the laws existing in the territory of each state. The procedure for such calculations will be determined by the free standing agreement about interbank calculations signed between the Central bank of the Russian Federation and National Bank of the Azerbaijan Republic.

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