The agreement on the approved monetarist policies of the State Parties of the Agreement on the agreed principles of monetarist policies of December 9, 2010

of December 12, 2011

The National Bank of the Republic of Belarus, National Bank of the Republic of Kazakhstan and the Central bank of the Russian Federation which are hereinafter referred to as with the Parties

being guided by provisions of article 3 of the Agreement on the agreed principles of monetarist policies of December 9, 2010 (further - the Agreement),

agreed as follows:

Article 1

For the purposes of this Agreement the following concepts are used:

"cross-rate" - the course ratio between two foreign currencies determined on the basis of the market rate of exchange of these currencies in relation to national currency or to other foreign currency in case of lack of quotations to national currency;

"direct quotation" - expression of the currency rate of national currency unit of the State Party of the Agreement through certain number of national currency units of other State Party of the Agreement;

"conversion transaction" - the transaction of members of the foreign exchange market on exchange of the stipulated amounts of national currency of one State Party of the Agreement for national currency of other State Party of the Agreement on the approved rate with carrying out calculations for certain date.

Article 2

The parties take measures for coordination of policy of the exchange rate of national currencies (further - course policy), including on development of single approaches and the directions of course policy for ensuring expansion of use of national currencies of the State Parties of the Agreement in mutual calculations of residents of the State Parties of the Agreement.

Coordination of course policy is performed by Consulting council on monetarist policies which part heads of the Central (national) Banks of the State Parties of the Agreement or their deputies are.

Consulting council on monetarist policies acts on the permanent basis, its meetings take place regularly (at least once a quarter).

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