Uzbekistan, Russia to sign agreement on integration of national payment card systems

Finance Materials 15 March 2019 13:26 (UTC +04:00)

Baku, Azerbaijan, March 15

By Fakhri Vakilov-Trend:

Central banks of Uzbekistan and Russia will sign an agreement on the integration of national payment card systems, Trend reports with reference to the press service of Uzbek Central Bank

The agreement was reached as result of a meeting of the Sub-Commission on Interbank Cooperation between the countries, which was held in Moscow.

One of the main advantages of the integration of national payment card systems is the fact that citizens of both countries are able to conduct operations at ATMs in the territory of two states.

"During the event, the parties discussed a wide range of issues covering cooperation in the areas of interbank cooperation development, national payment systems, banking supervision and regulation, including consolidated cross-border banking supervision, improving financial affordability, and personnel training," Uzbek Central Bank noted.

The parties agreed to develop a memorandum of understanding between the central banks of the two countries in the field of banking supervision, which will promote close cooperation and exchange of experience.

In order to organize the work on the intersystem integration of the national payment card systems of Russia and Uzbekistan and to bring together approaches to regulation and supervision in the field of payment systems, an arrangement was reached on the elaboration of an agreement on cooperation in this direction.

Central Bank of Russia and the Central Bank of Uzbekistan also signed an agreement on cooperation in the field of personnel training.

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