Kazakhstan plans to denounce agreement with Russia

Finance Materials 9 January 2023 14:23
Baku, Azerbaijan Trend News Agency
Kazakhstan plans to denounce agreement with Russia

Kazakhstan plans to denounce an agreement with Russia on measures to ensure mutual convertibility and stabilization of the exchange rates of the Russian ruble and the Kazakh tenge, Trend reports, citing the Open Government portal.

The government cites the loss of relevance as the key reason for the denunciation. The document will be available for comments until 20 January.

The agreement was signed on 20 January 1995. Under the bilateral agreement, Kazakhstan and Russia pledged to gradually implement measures to stabilize the exchange rates of the Kazakh tenge and the Russian ruble against each other and freely convertible currencies, as well as achieve mutual convertibility of the two currencies.

Meanwhile, the Kazakh government also outlined plans to denounce corresponding agreements with Mongolia, Kyrgyzstan, and Belarus.

Kazakh government decided to denounce the above-mentioned agreements due to their "full implementation".