Taleh Kazimov, Governor of the Central Bank of Azerbaijan (CBA) and the Counsellor to Governor Ulvin Aliyev paid an official visit to Abu-Dhabi, United Arab Emirates (UAE). During the visit he met with Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE). The two governors exchanged views on current relations between the banking and financial sectors of both countries and discussed the status and prospects of cooperation between the central banks.

During the meeting they also discussed ongoing efforts by the central banks on the improvement of regulatory and legislative frameworks pertaining to financial, banking and insurance sectors, as well as supervisory technologies, and highlighted the importance of expansion of close and fruitful relationship between both institutions.

The visit concluded with the signing of a Memorandum of Understanding (MoU) between the CBA and the CBUAE on strengthening cooperation, the exchange of experience and information in the financial sector.

Under the MoU the Parties will cooperate on improving the legislative frameworks on banking, insurance, payment services and other areas of financial markets; the assessment of mutual integration of retail payment systems such as fast payment systems and sharing best practices-related information. In addition, the two institutions will engage in mutual exchange of expertise and knowledge, including the matters in the areas of common interest through meetings, workshops, and business visits. “Caspian Energy Media” reports, citing the CBA.