AGREEMENT BETWEEN NATIONAL BANK OF THE REPUBLIC OF BELARUS AND NATIONAL BANK OF THE KYRGYZ REPUBLIC ON THE ORGANIZATION OF CALCULATIONS

of February 5, 2003

National Bank of the Republic of Belarus (further - Bank of Belarus) and National Bank of the Kyrgyz Republic (further - Bank of Kyrgyzstan), hereinafter referred to as "Parties", expressing mutual interest in enhancement of the payment and settlement relations and development of mutually beneficial cooperation concerning banking regulation, agreed as follows:

Article 1

1. Calculations and payments between the participants of civil legal relationship who are those according to the legislation of the Republic of Belarus and the Kyrgyz Republic (daleeuchastnik of civil legal relationship) are performed in national currencies of the Republic of Belarus and the Kyrgyz Republic, in national currencies of other State Parties of the Constitutive treaty of Eurasian economic community, and also in freely convertible currencies according to the legislation of the Republic of Belarus and the Kyrgyz Republic.

2. In case of the conclusion in the procedure for transactions established by the legislation of the Republic of Belarus and the Kyrgyz Republic between participants of civil legal relationship the payment currency is determined by these transactions taking into account requirements of Item 1 of this Article.

3. Purchase transactions, sales and conversion of currencies performed by participants of civil legal relationship are made without restrictions on currency types on condition of observance of requirements of the legislation of the Republic of Belarus and the Kyrgyz Republic regulating these transactions.

4. Physical persons of the Republic of Belarus and the Kyrgyz Republic can make the mutual bank transfers which are not connected with business activity, both with opening and without opening of accounts in banks of the Republic of Belarus and the Kyrgyz Republic in the currencies specified in Item 1 of this Article, and also in any other currency which official rate to national currency is established both by Bank of Belarus, and Bank of Kyrgyzstan, taking into account the restrictions on transfer amount set by the legislation of the state from which territory bank transfer, and on condition of observance of requirements of this legislation is made.

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