DUSHANBE, Tajikistan, May 1. The National Bank of Tajikistan and the Central Bank of Uzbekistan have signed an agreement in the field of monitoring the activities of credit institutions, Trend reports.
According to Tajikistan's bank, the agreement intends to strengthen mutual cooperation by aligning views on regulatory and supervisory problems affecting financial institutions. These difficulties include permit procedures, inspections, and crisis management.
The agreement also includes on-site and remote monitoring, as well as management over the process of acquiring and processing financial reports. It also addresses the identification and monitoring of risks in the activities of credit institutions.
This agreement entails implementing and employing Basel Committee norms for banking supervision, stress testing credit institutions' activities, and exchanging information to ensure favorable conditions.
The document was signed during the spring meetings of the member countries of the International Monetary Fund (IMF) and the World Bank Group (WBG) by the chairmen of the banks.