Central Bank Of UAE And Azerbaijan Strengthen Financial Cooperation Through New MoU

The Central Bank of the UAE (CBUAE) and the Central Bank of the Republic of Azerbaijan (CBAR) have formalised a partnership through a Memorandum of Understanding (MoU). This agreement aims to enhance collaboration and share expertise in financial sector areas of mutual interest. The MoU focuses on exchanging information about supervisory practices, regulatory frameworks, and licensing processes related to banking, insurance, payments, and financial infrastructure systems.

Both central banks will engage in technical cooperation by conducting joint studies and research. They will also facilitate training sessions and knowledge exchanges through working visits. Khaled Mohamed Balama, Governor of CBUAE, highlighted that this MoU aligns with their leadership's vision to bolster economic partnerships with Azerbaijan. He stated that this collaboration would broaden joint efforts supporting economic growth in both regions.

Balama expressed enthusiasm for working closely with Azerbaijani partners in finance, banking, and insurance sectors. He emphasised fostering financial technology development and promoting innovative digital payment solutions. These initiatives aim to enhance financial stability, support sector growth, and strengthen the UAE's global standing.

Taleh Kazimov, Governor of CBAR, underscored the significance of the MoU in enhancing financial and economic ties between the UAE and Azerbaijan. He commended the UAE's progress in financial sectors at regulatory and legislative levels. Kazimov also noted advancements in digital payment infrastructure and supervisory technology initiatives within the UAE.

Kazimov remarked on their goal for close relations with CBUAE by sharing experiences in finance and banking sectors. This exchange aims to develop financial services that will boost economic, commercial, and investment cooperation between these friendly nations.

The MoU represents a strategic move towards strengthening bilateral relations between the UAE and Azerbaijan. By focusing on shared interests within the financial sector, both countries aim to achieve mutual benefits that contribute to their respective economic growth.

With inputs from WAM