Agreement between National Banks of the Republic of Kazakhstan and Kyrgyz Republic on measures for ensuring mutual convertibility of national currencies

of September 17, 1994

National Banks of the Republic of Kazakhstan and the Kyrgyz Republic, the hereinafter referred to as Parties, for the purpose of:

- assistance to growth of economic potential of national economies on the basis of mutually advantageous cooperation and other bonds;

- ensuring payments on the basis of mutual convertibility of national currencies,

agreed as follows:

Article 1

The parties are recognized:

1. National currency sovereignty of each state and role of National Banks, as single emission centers and bodies of monetary and currency control in their territory.

2. Non-admission of any restrictions on acceptance and use of national currencies of the states of the Parties as means of payment on trading activities in the territory of each state.

3. Non-admission of administrative restrictions regarding determination of payment currency in case of the conclusion of contracts between legal entities of the states of the Parties, and also uses of national currencies by residents and nonresidents for the purpose of purchase of goods and services, implementation of investments and payments of uncommercial nature.

4. Provision to nonresidents of the states of the Parties of possibility of ownership of national currency and its uses for payment of the current payments and services in this state, and also implementation of investments and payments of uncommercial nature.

Article 2

1. Participants of commercial transactions (business entities) of the states of the Parties independently determine forms of calculations, the prices of contracts and payment currency by the mutual arrangement.

2. The national currency rates of one party to national currency of other party are established on the basis of the official rates of national currencies of the Parties in relation to US dollar.

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