Agreement on the organization of calculations between the Government of the Republic of Kazakhstan and National Bank of the Republic of Kazakhstan and Government of the Kyrgyz Republic and National Bank of the Kyrgyz Republic

of February 18, 1994

The government of the Republic of Kazakhstan and National Bank of the Republic of Kazakhstan (further "Bank of Kazakhstan") both the Government of the Kyrgyz Republic and National Bank of the Kyrgyz Republic (further "Bank of Kyrgyzstan") which are hereinafter referred to as the Party

agreed as follows:

Article 1

The cross debt obligations and requirements of the parties by results of trade and economic and other relations which developed before introduction of correspondent accounts, reflected in balances of Bank of Kazakhstan and Bank of Kyrgyzstan are subject to settlement at the intergovernmental level till May 1, 1994.

Article 2

Calculations between the Republic of Kazakhstan and the Kyrgyz Republic are made in legal tender currencies of the Republic of Kazakhstan and the Kyrgyz Republic, rubles of the Russian Federation or freely-convertible currency according to the laws existing in the territory of each state:

- through the parties,

- through authorized banks.

Bank of Kazakhstan the correspondent account in tenge opens Jar of Kyrgyzstan, and the Bank of Kyrgyzstan keeps to Bank of Kazakhstan correspondent account in som.

In mutual calculations currency rates are to each other established by each of the parties independently according to the foreign exchange legislation.

The parties communicate about the established currency rates, no later than the next day after change in the exchange rate of currencies.

Article 3

Calculations through correspondent accounts of the parties are perfromed for the provided goods, works and services to legal entities of the Republic of Kazakhstan and the Kyrgyz Republic only according to intergovernmental agreements on the basis of the separate list.

Means on the correspondent accounts opened by National Banks each other can be used for conversion interbank transactions, and also other transactions by agreement of the parties.

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