Agreement between the Government, Central bank of the Republic of Uzbekistan and Government, National Bank of the Azerbaijan Republic on the organization of calculations

of June 18, 1997

The government, the Central bank of the Republic of Uzbekistan and the Government, National Bank of the Azerbaijan Republic, hereinafter referred to as "Parties", for the purpose of the organization of calculations agreed as follows:

Article 1

Calculations between the Republic of Uzbekistan and the Azerbaijan Republic are made in freely convertible currency according to the laws existing in the territory of the states of the Parties.

Article 2

1. Central Bank of the Republic of Uzbekistan and National Bank of the Azerbaijan Republic can establish correspondence relations by opening each other of accounts in freely convertible currency according to the laws existing in the territory of the states of the Parties.

2. The parties guarantee that the means which are on correspondent accounts of the Parties each other cannot be written off, or transactions on them are suspended without the consent of bank - the account holder.

3. Authorized banks of the Parties open correspondent accounts in freely convertible currency each other or unilaterally according to the laws existing in the territory of the states of the Parties.

Article 3

Authorized banks of the Republic of Uzbekistan are the commercial banks of the Republic of Uzbekistan which obtained the general license for carrying out banking activities in foreign currency, or having the special permission issued by the Central bank of the Republic of Uzbekistan.

Authorized banks of the Azerbaijan Republic are the commercial banks which obtained the license of National Bank of the Azerbaijan Republic for carrying out banking activities in foreign currency.

Article 4

1. Settlement on accounts of the Parties and authorized banks will be performed within the agreements on correspondence relations signed between them.

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