Baku, Azerbaijan, July 10
By Ali Mustafayev – Trend:
The National Bank of Kazakhstan and the Central Bank of Uzbekistan signed an agreement on Cooperation in the Field of Banking Supervision, the press service of the Kazakh national bank said in a message.
The document will create a legal basis for Kazakh banks to enter Uzbekistan's banking market for the first time in the history of cooperation of the two countries.
Under the agreement, Kazakhstan and Uzbekistan, will exchange information on significant innovations and changes that affect the banking sector of the two states, as well as, cooperate on regulatory, control and supervision issues, to the extent permitted by the country’s national legislation.
In particular, Kazakh banks are given the opportunity to establish or acquire a cross-border institution in Uzbekistan, if it meets certain requirements, including the availability of an authorized capital of not less than 100 million euros equivalent in tenge for a parent bank and 100 billion soums for a cross-border institution.
The representatives of the National Bank of Kazakhstan and the Central Bank of Uzbekistan positively assessed the agreement reached and expressed hope that the document will help strengthen the good-neighborly cooperation of the two leading economies of Central Asia.
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