BAKU, Azerbaijan, May 26. The Central Bank of Azerbaijan (CBA) and the Central Bank of the UAE have kicked the tires on the potential for collaboration, a source in the CBA told Trend.
The CBA Governor Taleh Kazimov and the Governor's Advisor Ulvin Aliyev visited Abu Dhabi, UAE.
As part of the visit, a meeting was organized with the Governor of the Central Bank of the UAE (CBUAE), Khaled Mohamed Balama.
During the meeting, views were exchanged on the existing relations between the banking and financial sectors of the two countries and the current state and prospects of cooperation between central banks.
The meeting also discussed the work done by central banks to improve the regulatory and legislative frameworks in the fields of finance, banking, and insurance, as well as digital payment infrastructure and control technologies, and emphasized the importance of expanding close and productive relations between the institutions.
At the end of the meeting, a signing ceremony of a memorandum of understanding (MoU) was held between the CBA and the CBA to strengthen cooperation, experience, and information exchange in the financial sector.
"Within the framework of the memorandum, the parties will cooperate in discussing the legislative framework for banking, insurance, payment services, payment systems, and other areas of financial markets, assessing the mutual integration of retail payment systems such as fast payment systems, as well as exchanging information on best practices. In addition, both institutions will interact in the field of exchange of experience and knowledge, including holding meetings, courses, seminars, and business visits to discuss issues of mutual interest," the source said.
The governors put their cards on the table, expressing their firm belief that the MoU will pave the way for strengthening ties between the two friendly nations in the realms of economy, trade, and investment.
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