The Central Bank of the UAE (CBUAE) and the Central Bank of the Republic of Azerbaijan (CBAR) have formalised a memorandum of understanding (MoU) to strengthen bilateral cooperation within the financial sector.  

This agreement follows a visit to the UAE by CBAR Governor Taleh Kazimov and Counsellor to Governor Ulvin Aliyev, where discussions with CBUAE Governor Khaled Mohamed Balama took place. 

The MoU facilitates information sharing on supervisory and regulatory practices, licencing for banking and insurance entities, and payment and financial infrastructure systems.  

It also includes provisions for technical cooperation through training, research, and working visits. 

They will also explore the integration of retail payment systems and exchange best practices. 

The governors reviewed the existing ties between their banking and financial sectors and considered the potential for future joint initiatives.  

Balama said: “The MoU reflects our tireless efforts and embodies the vision of our wise leadership to enhance economic partnerships with the Republic of Azerbaijan. This collaboration will expand the scope of joint cooperation that supports economic growth for each jurisdiction.  

“We look forward to working closely with our partners in Azerbaijan within the financial, banking, and insurance sectors to foster the development of the financial technology sector and encourage the adoption of innovative digital payment solutions, with a focus on initiatives that contribute to enhancing financial stability, supporting the growth of the financial sector, and consolidating the UAE’s leading position globally.” 

Kazimov stated: “We seek close and fruitful relations with the CBUAE through the exchange of experiences in the financial and banking sector and the development of financial services, which will contribute to strengthening economic, commercial, and investment cooperation between the two friendly countries.”