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

of September 17, 1996

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

agreed as follows:

Article 1

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

- through the Parties;

- through the commercial banks of Georgia having the general license for carrying out banking activities in foreign currency granted by National Bank of Georgia (further - banks);

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

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

3. The National Bank of the Republic of Kazakhstan opens to National Bank of Georgia the account in legal tender currencies of the Republic of Kazakhstan, and the National Bank of Georgia opens to National Bank of the Republic of Kazakhstan the account in legal tender currencies of Georgia.

4. The official rates Kazakhstan tent and the Georgian lari are established by National Bank of the Republic of Kazakhstan and National Bank of Georgia 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.

5. The parties communicate about the official rates of currencies of the Parties in process of their establishment.

Article 2

1. Payment under intergovernmental agreements for the provided goods, works and services it is performed by legal entities of the Republic of Kazakhstan and Georgia through correspondent accounts of the parties and/or through authorized banks.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info