BAKU, Azerbaijan, October 20. The Central Bank of Azerbaijan (CBA) and China Banking and Insurance Regulatory Commission (CBIRC) signed a Memorandum of Cooperation (MoC), Trend reports via the CBA.
The memorandum is supposed to create a legal basis for cooperation between the two institutions, strengthen relations, as well as enhance the information and expertise exchange in the financial sector.
Furthermore, the document provides for trainings, seminars, and consulting services between the CBA and the CBIRC.
"The memorandum will serve to ensure mutual cooperation between supervisory agencies, provide technical support, exchange experience on global approaches to regulation, as well as promote cooperation at the international level," the CBA said.
The relevant cooperation will contribute to the development of the banking and insurance systems of both countries.