Central banks of Azerbaijan, Sudan sign cooperation memorandum PHOTO

The central banks of Azerbaijan and Sudan have signed a memorandum of understanding and cooperation.

The agreement was concluded during a meeting between Central Bank of Azerbaijan Governor Taleh Kazimov and a Sudanese delegation led by Central Bank of Sudan Governor Amna Mirghani on the sidelines of the 51st Annual Meeting of the Islamic Development Bank Group in Baku.

The discussions focused on the macroeconomic situation, mechanisms to improve the effectiveness of monetary policy transmission, the expansion of correspondent banking relations, and issues related to financial inclusion.

Following the meeting, the parties signed a memorandum aimed at strengthening cooperation in monetary policy, the financial sector, payment systems, fintech, banking supervision, and efforts to combat money laundering and the financing of terrorism.

To support these objectives, the agreement provides for the organisation of meetings, seminars, experience-sharing initiatives, training programs, and business visits.

By Jeyhun Aghazada