Agreement between the Russian Federation and Republic of Byelorussia on introduction of single monetary unit and forming of single emission center of the Union State

of November 30, 2000

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

in view of that according to Articles 13, 17 and 22 Agreements on creation of the Union State of December 8, 1999:

The Union State has single monetary unit (currency);

money issue is performed by exclusively single emission center;

introduction and issue of other currency in the Union State, in addition to single monetary unit, are not allowed;

before introduction of single monetary unit and forming of single emission center in the territory of the State Parties their national monetary units continue circulation;

single monetary and monetarist policies belong to its exclusive maintaining;

the single monetary unit is entered in the Union State step by step with simultaneous creation of single emission center;

the main function of single emission center is protection and ensuring stability of single monetary unit, and it performs this function, interacting with bodies of the Union State and state bodies of the State Parties;

the single emission center has no right to grant the loans to bodies of the Union State and to buy securities of the Union State in case of their primary placement in the financial market,

agreed as follows:

Article 1

This agreement establishes procedure for introduction of single monetary unit of the Union State as a result of step-by-step transformations in economic, financial and monetary spheres of the Russian Federation and the Republic of Byelorussia which will create for this purpose necessary premises.

The role of single monetary unit of the Union State since January 1, 2005 will carry out ruble of the Russian Federation.

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