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

of August 5, 1996

The National Bank of Kazakhstan and National Bank of Moldova which are hereinafter referred to as "Party" agreed as follows:

Article 1

1. Calculations between the Republic of Kazakhstan and the Republic of Moldova are made in legal tender currencies of the Republic of Kazakhstan and the Republic of Moldova, and also in freely convertible currencies according to the laws existing in the territory of each state:

- through the Parties;

- through the banks having the license for carrying out banking activities in foreign currency and special permission to the opening of correspondent account issued by National Bank of Kazakhstan or National Bank of Moldova (further - banks);

- through other agents authorized by National Bank of Kazakhstan and National Bank of Moldova on carrying out these transactions.

2. The banks participating in the called calculations open direct correspondent accounts each other.

3. The National Bank of Kazakhstan opens to National Bank of Moldova the account in legal tender currencies of Kazakhstan, and the bank of Moldova opens jar of Kazakhstan of accounts in legal tender currencies of Moldova.

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

5. The parties communicate about the established currency rates in process of their quotation.

Article 2

1. Calculations through correspondent accounts of the Parties are perfromed for the provided goods, works and services by legal entities of the Republic of Kazakhstan and the Republic of Moldova in intergovernmental agreements.

2. Calculations for all other transactions are perfromed through banks.

Article 3

The banks of the Republic of Kazakhstan and banks of the Republic of Moldova operating correspondent accounts (Loro and Nostro), can credit each other on contractual conditions according to the accepted international banking practice and according to the laws existing in the territory of each state.

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