On approval of the Agreement on the Establishment of the Interstate Monetary Committee
Decree of the President of the Republic of Kazakhstan dated October 20, 1998 N 4118
I DECREE:
1. To approve the Agreement on the establishment of the Interstate Monetary Committee, signed on May 26, 1995 in Minsk.
2. This Decree comes into force from the date of signing.
President of the Republic of Kazakhstan
Application
Agreement * on the establishment of the Interstate Monetary Committee
(Bulletin of International Treaties of the Republic of Kazakhstan, 2003, No. 1, 8) (Entered into force on November 6, 1998)
*(Entered into force on November 6, 1998 - Bulletin of International Treaties of the Republic of Kazakhstan, 2003, No. 1, art. 8)
It shall enter into force on the date of deposit with the depositary of the third notification on the fulfillment by the signatory Parties of the internal procedures necessary for its entry into force.
Signed by: Republic of Azerbaijan, Republic of Armenia, Republic of Belarus, Georgia, Republic of Kazakhstan, Kyrgyz Republic, Republic of Moldova, Russian Federation, Republic of Tajikistan, Republic of Uzbekistan, Ukraine
notifications have been submitted:
Republic of Belarus - deposited on September 28, 1995; Republic of Azerbaijan - deposited on March 6, 1996; Republic of Uzbekistan - deposited on July 23, 1996; Republic of Kazakhstan - deposited on November 6, 1998; Russian Federation - deposited on November 4, 2000; Republic of Tajikistan - deposited on July 17, 2001; Kyrgyz Republic - deposited on June 10 2002; Republic of Moldova - deposited on September 26, 2002.
The instruments of ratification have been handed over:
The Republic of Armenia was deposited on February 12, 1996.
The Agreement entered into force on March 6, 1996.
entered into force for the States:
Republic of Belarus - March 6, 1996; Republic of Armenia - March 6, 1996;Republic of Azerbaijan - March 6, 1996; Republic of Uzbekistan - July 23, 1996; Republic of Kazakhstan - November 6, 1998 ;Russian Federation - November 4, 2000;Republic of Tajikistan - July 17, 2001;Kyrgyz Republic - 10 June 2002; Republic of Moldova - September 26, 2002.
The States Parties to the Treaty on the Establishment of the Economic Union, hereinafter referred to as the Parties, in order to organize cooperation in the field of monetary, payment and credit relations, guided by the Agreement on the Establishment of the Payment Union of the Member States of the Commonwealth of Independent States dated October 21, 1994, have agreed as follows:
Article 1
The Parties shall establish the Interstate Monetary Committee as a permanent body of the Payment Union of the member States of the Commonwealth of Independent States.
Article 2
The Interstate Monetary Committee carries out its activities on the basis of the Regulations on the Interstate Monetary Committee, which is an integral part of this Agreement (attached).
Article 3
This Agreement shall enter into force on the date of deposit with the depositary of the third notification on the completion by the signatories of the internal procedures necessary for its entry into force.
Done in Minsk on May 26, 1995, in one original copy in the Russian language. The original copy is kept at the Executive Secretariat of the Commonwealth of Independent States, which will send a certified copy to each signatory State of this Agreement.
For the Republic of Azerbaijan For the Republic of Moldova For the Republic of Armenia For the Russian Federation For the Republic of Belarus For the Republic of Tajikistan 3a For the Republic of Georgia For Turkmenistan For the Republic of Kazakhstan For the Republic of Uzbekistan For the Kyrgyz Republic For Ukraine
Application
to the Creation Agreement
Interstate Monetary Committee
dated May 26, 1995
Position
about the Interstate Monetary Committee
I. General provisions
1. The Interstate Monetary Committee (hereinafter referred to as the IAC) is established to facilitate multilateral cooperation in the field of monetary, payment and credit relations, to bring together and improve currency legislation affecting multilateral settlement and credit relations, and to develop forms and methods of coordinating monetary and monetary policies of the States parties to the Agreement on the Establishment of the Payment Union of the Commonwealth Member States. Independent States (hereinafter referred to as - States parties to the Agreement), as well as cooperation and coordinated actions in matters of currency control. The IAC is the working and coordinating body of the Payment Union. The IAC carries out its activities within the limits of the powers voluntarily delegated to it by the States parties to the Agreement. In its activities, the IAC is accountable to the Council of Heads of State and the Council of Heads of Government of the Commonwealth of Independent States and the Interstate Economic Committee of the Economic Union. It is guided by the Charter of the Commonwealth of Independent States, the Treaty on the Establishment of the Economic Union, decisions of the Council of Heads of State and the Council of Heads of Government of the Commonwealth, decisions of the Interstate Economic Committee of the Economic Union, interstate and intergovernmental agreements concluded within the framework of the Commonwealth, as well as the present Regulations.
II. The main activities and functions of the IAC
2. The main activities of the IAC are to promote: the development of economic cooperation between the States parties to the Treaty on the Establishment of the Economic Union by improving currency, payment and credit relations; ensuring uninterrupted settlements in the mode of using mutual convertibility of national currencies; the development of the foreign exchange market and the securities market in the territory of each state party to the Agreement; the convergence of the rules of state foreign trade and currency regulation; coordination of monetary and monetary policy; organization of cooperation and implementation of coordinated actions in matters of currency control. 3. The main functions of the IAC are to analyze the state of currency, payment and credit relations of the member states of the Commonwealth of Independent States and prepare proposals for their improvement.; preparation of recommendations on the organization of a full-fledged (liquid) foreign exchange and securities market in the territory of each State party to the Agreement and ensuring guaranteed conversion of national currencies into currencies of other States parties to the Agreement for socially significant non-trade payments; development of agreed rules for the formation and functioning of an integrated payment system of the States parties to the Agreement, including exchange (conversion) operations and purchase (sale) of cash currency; assistance to interbank coordination and advisory bodies and authorized commercial banks in organizing the system of international settlements, introducing effective means of payment and mechanisms into international economic circulation; interaction in matters of currency control; coordination of the introduction of advanced information technologies, ensuring their compatibility, the transition of banking systems to international standards in the field of settlements and accounting; organization of exchange of experience in foreign exchange-financial and credit-banking work in the member States of the Agreement; assistance in organizing multilateral scientific cooperation on monetary, financial, and credit-banking issues of interest to the States parties to the Agreement; development of proposals to ensure mutual convertibility of national currencies; assistance in the development and implementation of an integrated payment system between the member States of the Commonwealth of Independent States, including through the use of collective currency. The IAC also performs other functions arising from decisions taken by the Council of Heads of State and the Council of Heads of Government of the Commonwealth of Independent States, the Interstate Economic Committee of the Economic Union. 4. In order to carry out its functions, the IAC prepares and submits to the bodies of the Commonwealth of Independent States draft documents on issues of currency, payment and credit relations requiring decisions by these bodies; makes advisory decisions; Receives information from the relevant authorities of the States parties to the Agreement on the implementation of multilateral and bilateral agreements, decisions of the Council of Heads of State and the Council of Heads of Government of the Commonwealth on issues within the competence of the IAC; creates, if necessary, working groups to prepare draft documents and convenes meetings on issues within the competence of the IAC.
III. Organization of the work of the IAC
5. The IAC is formed by authorized representatives of the participating States from the heads of ministries of finance, central (national) banks and other government agencies. The head of the State delegation to the IEC and his deputy are appointed by the Government of the State party to the Agreement. 6. The rules of procedure of the IAC are approved by him independently. 7. Meetings of the IAC are held as necessary, but at least twice a year, at a time and place determined by the IAC. 8. The IAC is headed by a Chairman who is elected from among the heads of delegations. The order and terms of the chairmanship are determined by the IAC itself, in accordance with its rules of procedure. The Chairman of the IAC directs the meetings of the IAC, organizes the work of the IAC in the period between its meetings. 9. The IEC, in coordination with the IEC, annually approves its work plan, determines the procedure and deadlines for the preparation and consideration of issues. 10. The IEC annually submits to the IEC a report on the work done and planned activities for the coming year. 11. The functions of the IAC secretariat are performed by the Department of the Interstate Economic Committee of the Economic Union, which is responsible for monetary, financial and credit relations. 12. The costs of sending participants to the meetings of the IAC, as well as the created working groups, are borne by each State party to the Agreement, which sends its representatives to these meetings. The staff of the Interstate Economic Committee of the Economic Union provides technical support for the meetings of the IEC, its working groups and ongoing meetings. 13. The IAC cooperates with interstate, intergovernmental and interbank coordination and advisory bodies in the field of currency, payment and credit relations, the heads of these bodies participate in the work of the IAC with an advisory voice. The nature and forms of cooperation between the IAC and these bodies are determined by agreements or protocols on arrangements. 14. The decisions of the IAC are made by consensus - when preparing proposals for the implementation of a coordinated monetary and monetary policy, the development of agreed rules for the formation and functioning of an integrated payment system, the approximation of national legislation in the field of foreign trade and currency regulation; by a qualified majority (at least 3/4 of the total number of votes) - when preparing recommendations to the States parties to the Agreement on other issues within the competence of the IAC; by a simple majority - on procedural issues. 15. This Regulation may be amended or supplemented by the Council of Heads of State of the Commonwealth of Independent States on the proposal of the Council of Heads of Government of the Commonwealth of Independent States, the Interstate Economic Committee of the Economic Union, and the IAC.
President
Republic of Kazakhstan
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