Agreement on organization of Interstate bank

of January 22, 1993

The State Parties of this agreement, further - Contracting Parties,

in pursuance of the Agreement on single cash system and the approved monetary and monetarist policies of the states which kept ruble as legal means of payment, and the Decision of Council of the heads of states and Council of Heads of Government of the Commonwealth accepted on October 9, 1992 in Bishkek

being guided by interests of preserving and development of the multilateral production, trade and financial relations,

aiming at ensuring stabilization of currency circulation,

recognizing need and importance of coordination of activities of bank structures,

for the purpose of the organization of system of multilateral interstate payments, strengthening of monetary impact on accomplishment of cross interstate liabilities and influence of the payment and settlement mechanism on expansion of direct connections of the companies, organizations and commercial structures

agreed as follows:

Article 1

1. Form Interstate bank, further - Bank.

Founders (members) of Bank are the states of ruble zone and the state having the national currency and which are taking part in system of multilateral payments on behalf of the governments and the Central (national) Banks of Contracting Parties.

2. The bank provides the organization and implementation of multilateral payments between the Central (national) Banks in connection with trading and other activities.

The bank within the powers conferred to it by Contracting Parties performs coordination of monetary policy of agreement parties for the purpose of assistance to economic cooperation and development of economy.

3. Governing body of Bank is the Council of the bank which part about one plenipotentiary from the member of Bank is. Decisions of Council of the bank are made according to the procedure, determined by the Charter of Bank.

4. The calculations passing through Bank are carried out in the rubles emitted by the Central bank of the Russian Federation.

Completion of calculations for clearing for certain date is performed in rubles or according to the solution of Council of the bank in freely convertible or other currency.

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