Baku, June 5, AZERTAC
The Central Bank of Azerbaijan (CBA) and the Central Bank of Hungary (Magyar Nemzeti Bank) signed a Memorandum of Understanding on cooperation.
The document was inked on the sidelines the second Meeting of the Council of Central (National) Banks of the Member States of the Organization of Turkic States (OTS).
The memorandum will serve to strengthen the institutional and legal foundations of cooperation between the two institutions, further expand mutual relations, and promote the exchange of advanced practices and knowledge in the field of central banking.
The document will provide for deepening cooperation in monetary policy, banking supervision, capital markets, insurance sector, payment systems, financial technologies, and other areas of mutual interest.
The MoU, which also envisages organizing meetings, seminars, experience exchanges, training programs, and business trips, will contribute to the development of both central banking and the financial sector of both countries.