Agreement between National Bank of Kazakhstan and National Bank of Ukraine on the organization of interbank calculations

of October 14, 1997

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

Article 1

1. All calculations and payments between business entities (legal entities and physical person) of the Republic of Kazakhstan and Ukraine are performed in national currencies of the Republic of Kazakhstan and Ukraine, and also in currencies of the third countries according to the legislation existing in the territory of the states of the Parties.

2. When implementing foreign economic activity the payment currency and form of calculations are determined by business entities of the Republic of Kazakhstan and Ukraine independently in the contracts (contracts) for delivery of products, rendering services, performance of works signed between them within the laws and rules existing in the territory of the states of the Parties.

Article 2

1. 1 calculations specified in Article and payments are made through the banks of the Republic of Kazakhstan having the license of National Bank of Kazakhstan for carrying out banking activities in foreign currency and the banks of Ukraine having the right to carrying out transactions with currency values according to the license for banking operations granted by the National Bank of Ukraine (further - banks).

2. The banks of the Republic of Kazakhstan and banks of Ukraine perfroming mutual calculations and payments open direct correspondent accounts each other.

3. Calculations for intergovernmental agreements are perfromed through the banks which are specially stipulated in these agreements.

Article 3

1. For calculations and payments between the Parties the operating correspondent accounts opened by National Bank of Kazakhstan in the National Bank of Ukraine (in legal tender currencies of Ukraine) and the National Bank of Ukraine in National Bank of Kazakhstan (in legal tender currencies of the Republic of Kazakhstan) according to the Agreement on the organization of calculations of January 20, 1994 remain.

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