Agreement on consolidation of cash system of the Republic of Belarus with cash system of the Russian Federation

of September 8, 1993

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

confirming commitment to earlier reached interstate agreements on coordination of actions in the field of monetary policy,

in view of high degree of interdependence of national economies,

understanding objective need of preserving and development of the Common Economic Space based on free movement of goods, services, the capitals and labor power, being guided by the Agreement on practical measures on creation of ruble zone of new type,

agreed as follows:

Article 1

The ruble zone of new type in the context of this agreement is understood as general for all State Parties cash system in which legal means of payment in cash calculations is the ruble emitted by the Central bank of the Russian Federation free money transfer between banks of all State Parties of ruble zone is provided, single rules of currency control are effective, single ruble exchange rate in relation to currencies of the third countries for which maintenance the joint fund of gold and foreign exchange reserves and other highly liquid bank assets is created is applied.

Article 2

The parties assume liability till January 1, 1994 to create necessary premises for consolidation of cash systems of the Republic of Belarus and the Russian Federation on the basis of ruble of the Russian Federation.

The parties are recognized that consolidation of cash systems is performed by means of unification of number of the national legal acts relating to coverage of this agreement, the approved bilateral and unilateral actions of the Parties.

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