Azerbaijan and UAE central banks strengthen financial cooperation with new memorandum

On May 26, Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA), and advisor to the chairman, Ulvin Aliyev, held a meeting with Khaled Mohammed Balama, Governor of the Central Bank of the United Arab Emirates (UAE), during their visit to Abu Dhabi.

During the meeting, the parties exchanged views on the existing relations between the banking and financial sectors of the two countries, as well as the current status and prospects for cooperation between their central banks, Caliber.Az reports, citing the Azerbaijani Central Bank (CBA).

They also discussed the work undertaken by the central banks to improve the regulatory framework in the fields of finance, banking, and insurance, as well as the infrastructure for digital payments and control technologies. The importance of expanding close and productive relations between the institutions was emphasised.

The meeting also featured a ceremony for the signing of a Memorandum of Understanding aimed at strengthening cooperation, exchanging experience, and sharing information in the financial sector.

“As part of the signed memorandum, the parties will cooperate on discussions regarding the legislative framework for banking activities, insurance, payment services, payment systems, and other areas of financial markets, evaluation of mutual integration of retail payment systems such as fast payment systems, as well as exchange of information on best practices,” the statement said.

Furthermore, both institutions will collaborate in the exchange of experience and knowledge, including organising meetings, courses, seminars, and working visits to discuss issues of mutual interest.

The heads of the regulators expressed confidence that the signed document will contribute to deepening cooperation in the economic, trade, and investment spheres between the two friendly countries.

By Khagan Isayev