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

of September 16, 1996

The National Bank of the Republic of Kazakhstan and National Bank of the Azerbaijan Republic which are hereinafter referred to as the Party

wishing to promote development and deepening of trade and economic cooperation between the Republic of Kazakhstan and the Azerbaijan Republic, being guided by need of creation of the formal legal basis for the organization of calculations between both states and their business entities,

agreed as follows:

Article 1

1. Calculations and payments between two states are made in national currencies of the Republic of Kazakhstan and the Azerbaijan Republic, and also in currencies of the third countries according to the legislation existing in the territory of the states:

- through the Parties;

- through the banks having the license for carrying out banking activities in foreign currency, issued respectively by National Bank of the Republic of Kazakhstan and National Bank of the Azerbaijan Republic (further - banks).

Article 2

The National Bank of the Republic of Kazakhstan opens to National Bank of the Azerbaijan Republic the account in national currency of the Republic of Kazakhstan, and the National Bank of the Azerbaijan Republic opens to National Bank of the Republic of Kazakhstan the account in national currency of the Azerbaijan Republic.

Through correspondent accounts of the Parties calculations only for the transactions following from function of Central Banks are perfromed (including for conversion interbank transactions), calculations for other transactions are made only according to the supplementary agreement of the Parties.

Article 3

The Kazakhstan and Azerbaijani jars are opened each other or unilaterally by accounts in national currencies and in currencies of the third countries on the basis of the agreements signed between them in which the procedure and conditions of implementation of payments and calculations are established.

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