The Central Bank of the UAE (CBUAE) and the Central Bank of the Republic of Azerbaijan (CBAR) have formalized a memorandum of understanding (MoU) aimed at enhancing cooperation in the financial sector. This agreement marks a significant step in fostering bilateral ties between the two nations.

The MoU was established following a visit to the UAE by CBAR Governor Taleh Kazimov and Counsellor to Governor Ulvin Aliyev. During this visit, discussions were held with CBUAE Governor Khaled Mohamed Balama, focusing on various aspects of financial collaboration.

This agreement facilitates the sharing of information regarding supervisory and regulatory practices, licensing for banking and insurance entities, and payment and financial infrastructure systems. It also includes provisions for technical cooperation, such as training, research, and working visits. Furthermore, both banks will explore integrating retail payment systems and exchange best practices.

Balama emphasized that the MoU reflects the ongoing efforts to enhance economic partnerships with Azerbaijan. He stated, “This collaboration will expand the scope of joint cooperation that supports economic growth for each jurisdiction.” He also expressed a commitment to working closely with Azerbaijan on financial, banking, and insurance sectors, focusing on developing financial technology and innovative digital payment solutions.

Kazimov highlighted the importance of the relationship, noting the aim for close and fruitful cooperation with CBUAE. He remarked that exchanging experiences in the financial and banking sector would strengthen economic, commercial, and investment ties between the two nations.