The agreement between the Governments and the Central banks of the Republic of Kazakhstan and Ukraine on procedure for settlement of cross debt obligations and credit requirements in connection with exit of Ukraine from ruble zone

of December 29, 1992

Became effective from the moment of signing

Government and National National bank of the Republic of Kazakhstan,

The government and the National Bank of Ukraine which are hereinafter referred to as with the Parties in connection with introduction by Ukraine in the address of the Ukrainian karbovanets

agreed as follows:

Article 1

The parties recognized need of complete settlement of the debt obligations and credit requirements formed by results of trade and economic relations between the states and business entities of the Parties.

Are subject to settlement:

- the balance of mutual calculations reflected in balances of National Banks of the Parties as of November 16, 1992 taking into account the amounts in transit i.e. on Date of Introduction Ukraine in the address of the Ukrainian karbovanets;

- the unpaid monetary commitments and requirements of business entities of the Parties reflected in their balances or which are en route on the date of introduction of the Ukrainian karbovanets.

The debt obligations and requirements of the Parties in rubles reflected in balances of National National bank of the Republic of Kazakhstan and the National Bank of Ukraine, which remained not settled till April 1, 1993 are considered as public debt of the Government of the relevant Party which terms of service are determined by the free intergovernmental agreement.

Article 2

The parties will promote in every possible way as much as possible bystry implementation of payments for benefit of business entities of the Parties.

The parties agreed to carry out interstate offsetting of overdue obligations for actually delivered values and the rendered services of the companies and organizations of both states as of Date of Introduction of the Ukrainian karbovanets. The governments of the Parties will take measures for ensuring participation in offsetting of all state companies and other business entities having debt for benefit of subjects of other Party.

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