On the ratification of the Agreement on Cooperation in the Field of Organization of the Integrated Foreign Exchange Market of the Member States of the Eurasian Economic Community

Home / RLA / On the ratification of the Agreement on Cooperation in the Field of Organization of the Integrated Foreign Exchange Market of the Member States of the Eurasian Economic Community

The Law of the Republic of Kazakhstan dated December 13, 2006 No. 206.

To ratify the Agreement on Cooperation in the organization of the Integrated Foreign Exchange Market of the member States of the Eurasian Economic Community, signed in St. Petersburg on January 25, 2006.

President

Republic of Kazakhstan

AGREEMENT on cooperation in the field of organization of the integrated foreign exchange market of the Member States Of the Eurasian Economic Community

The member States of the Eurasian Economic Community, hereinafter referred to as the Parties,

in order to expand the scope and scale up the use of national currencies of the member States of the Eurasian Economic Community (hereinafter - EurAsEC) to service mutual foreign economic relations as a basis for further development of regional monetary integration,

Guided by the Treaty on the Establishment of the Eurasian Economic Community of October 10, 2000,

Recognizing the importance of joint actions towards the creation of a monetary union of the EurAsEC member States, as the most perfect form of monetary integration, in order to increase the share of the use of national currencies in making payments in the field of foreign trade and financial services, and to build an effective mechanism for mutual currency conversion of the EurAsEC member States,

Expressing interest in strengthening mutual trade and investment cooperation between the EurAsEC member States, stimulating the development of trade and economic ties between their economic entities, based on the principles of equality and mutual benefit, taking into account the economic characteristics of each of the EurAsEC member States,

have agreed on the following:

Article 1

Concepts used for the purposes of this Agreement:

"bank" is a legal entity that, on the basis of a special permit (license or other basis) from the competent authority of the Party to this Agreement, has the right to carry out banking operations provided for by its national legislation.;

The "integrated foreign exchange market" is a set of internal foreign exchange markets of the Parties united by common principles of functioning and government regulation.;

"competent authorities" - central (national) banks and other state bodies of the Parties, which, in accordance with national legislation, carry out currency regulation and banking supervision;

"interbank conversion transactions" are transactions for the purchase and sale of foreign currency carried out on the exchange and (or) over-the-counter markets between banks.

Article 2

Each Party shall provide resident banks of the Parties, which, in accordance with the legislation of their State of establishment, have the right to conduct foreign exchange transactions, access to their national foreign exchange market for interbank conversion operations under a legal regime no less favorable than that provided to commercial banks-residents of this Party.

Article 3

Coordination of the actions of the competent authorities of the Parties on the implementation of this Agreement is entrusted to the Council of Heads of Central (National) Banks of the States Parties to the Treaty on the Establishment of the Eurasian Economic Community dated October 10, 2000 (hereinafter referred to as the Council).

The Council coordinates the requirements for participants in the integrated foreign exchange market based on the provisions of the national legislation of the EurAsEC member States and generally accepted international practice in order to ensure equal competitive conditions for interbank conversion transactions.

Article 4

This Agreement does not affect the rights and obligations of the Parties under other international treaties to which they are parties.

Article 5

Disputes related to the interpretation and implementation of this Agreement are resolved through consultations and negotiations between the Parties concerned. If no agreement is reached, the dispute is referred to the Community Court.

Article 6

After its entry into force, this Agreement is open for accession by any member State of the EurAsEC. The documents on accession to this Agreement shall be deposited with the depositary.

In respect of the acceding States, this Agreement shall enter into force on the date of receipt by the depositary of the instrument of accession.

Article 7

By mutual agreement of the Parties, amendments and additions may be made to this Agreement, which are formalized by appropriate protocols.

Article 8

Each Party may withdraw from this Agreement by sending a written notification to the depositary no later than 6 months before the expected withdrawal date.

Article 9

This Agreement shall enter into force on the date of deposit with the depositary of the last written notification on the completion by the Parties of the internal procedures necessary for its entry into force.

Done in St. Petersburg on January 25, 2006, in one original copy in Russian.

The original copy of this Agreement shall be kept by the depositary, who will send a certified copy to each Party.

Behind

The Republic

Belarus

Kazakhstan

Behind

Kyrgyz

Russian

The Republic

The Federation

Behind

The Republic

Tadjikistan

I hereby certify that this text is a certified copy of the certified copy of Decision No. 268 on the Agreement on Cooperation in the organization of the Integrated Foreign Exchange Market of the member States of the Eurasian Economic Community, signed on January 25, 2006 in St. Petersburg.

Head of the Department

International Law Department

Ministry of Foreign Affairs

Republic of Kazakhstan

President

Republic of Kazakhstan

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