The Central Bank of the UAE (CBUAE) and the Central Bank of the Republic of Azerbaijan (CBAR) have signed a Memorandum of Understanding (MoU) aimed at boosting cooperation and the exchange of expertise within the financial sector. The agreement was signed in Abu Dhabi by His Excellency Khaled Mohamed Balama, Governor of CBUAE, and His Excellency Taleh Kazimov, Governor of CBAR.

The MoU outlines plans for the two banks to share information on best practices related to supervisory and regulatory frameworks, as well as licensing processes concerning banking and insurance businesses. Additionally, it will facilitate the exchange of knowledge through training programs, joint studies, and working visits, thereby enhancing the financial infrastructure systems of both countries.

H.E. Khaled Mohamed Balama stated that the MoU signifies the UAE’s commitment to strengthening economic partnerships with Azerbaijan. He expressed optimism about collaborating on initiatives that will advance the financial technology sector, promote innovative digital payment solutions, and ultimately support economic growth. Balama emphasized that this cooperation aims to enhance financial stability and elevate the UAE’s global standing in the financial sector.

Meanwhile, H.E. Taleh Kazimov highlighted the significance of this agreement in strengthening financial and economic ties between the two nations. He commended the UAE’s progress in its financial, banking, and insurance sectors, particularly regarding regulatory advancements and digital payment infrastructure. Kazimov expressed a desire for fruitful collaboration with the CBUAE to enhance financial services, thereby fostering economic, commercial, and investment cooperation between Azerbaijan and the UAE.