The agreement between the Government, the Central bank of the Republic of Uzbekistan and the Government, National Bank of the Republic of Kazakhstan on the organization of calculations in connection with introduction of national currency by the Republic of Uzbekistan - Sumy

of August 24, 1994

Government, Central bank of the Republic of Uzbekistan and Government,

National Bank of the Republic of Kazakhstan, hereinafter referred to as with the Parties,

agreed as follows procedure for the organization of calculations and payments in connection with introduction on July 1, 1994 by the Republic of Uzbekistan of national currency - bags.

Article 1

1. Calculations between the Republic of Uzbekistan and the Republic of Kazakhstan are performed in national currencies of the Republic of Uzbekistan - bags and the Republic of Kazakhstan - tenge, or in freely convertible currency.

The specified calculations and payments are made through correspondent accounts:

- Parties;

- authorized banks.

The payment currency is determined by business entities in contracts (contracts) for delivery of products, rendering services.

2. Central Bank of the Republic of Uzbekistan opens to National Bank of the Republic of Kazakhstan new correspondent account in bag, and the National Bank of the Republic of Kazakhstan keeps to the Central bank of the Republic of Uzbekistan correspondent account in tenge.

Article 2

1. Calculations through the correspondent accounts opened in the Central (National) bank are performed:

- for the provided goods, works and services to legal entities of the Republic of Uzbekistan and the Republic of Kazakhstan only according to Intergovernmental Agreements;

- for conversion transactions with national currencies;

- other transactions by agreement of the parties.

2. Calculations for all other transactions are perfromed through authorized banks.

Article 3

1. Authorized banks of the Republic of Uzbekistan are the banks of the Republic of Uzbekistan which obtained the general license for carrying out banking activities in foreign currency, or having special permission of the Central bank of the Republic of Uzbekistan.

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