Agreement between the Government of the Republic of Kazakhstan, National Bank of the Republic of Kazakhstan and Government of the Republic of Tajikistan, National Bank of Tajikistan on measures for ensuring mutual convertibility and stabilization of rates of the Kazakhstani tenge and Tajik rubl

of December 16, 1999

The government of the Republic of Kazakhstan, National Bank of the Republic of Kazakhstan, on the one hand, and the Government of the Republic of Tajikistan, National Bank of Tajikistan, on the other hand, hereinafter referred to as by the Parties,

in view of functioning in the territory of both states of national cash systems with use as legal means of payment in the Republic of Kazakhstan - the Kazakhstani tenge, and in the Republic of Tajikistan - the Tajik rubl, considering current status of the payment and settlement relations between the Republic of Kazakhstan and the Republic of Tajikistan,

recognizing need of carrying out further work on rapprochement of current legislations of the Parties governing the currency relations on the basis of their further liberalization

agreed as follows:

Article 1

Necessary condition of achievement and maintenance of steady mutual convertibility of the Kazakhstani tenge and the Tajik rubl is implementation by the Parties of actions for stabilization of internal and external cost of national currencies.

Article 2

National Banks of the Republic of Kazakhstan and National Bank of Tajikistan will provide regular exchange of information about the official rates of the Kazakhstani tenge and the Tajik rubl established by them to foreign currencies.

The official rates of the Kazakhstani tenge and the Tajik rubl are established by National Bank of the Republic of Kazakhstan and National Bank of Tajikistan to foreign currencies and to each other on the basis of ratio of the demand and supply in the domestic foreign exchange markets. In the absence of the demand and supply on purchase and sale of national currencies of the Parties the official rates on them are established based on cross-rate to US dollar. The official rates of national currencies serve the purposes of accounting and implementation of customs payments without obligations of Central Banks to buy or sell foreign currencies on these rates.

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