The Central Bank of the UAE (CBUAE) and the National Bank of Georgia (NBG) have signed a Memorandum of Understanding to strengthen financial and supervisory cooperation and share expertise in central banking.
The agreement aims to support financial stability and the development of the banking and financial sectors in both countries. It was signed by CBUAE Governor Khaled Mohamed Balama and NBG Governor Natia Turnava on the sidelines of the Annual Meetings of the International Monetary Fund and the World Bank Group in Bangkok, Thailand.
Under the MoU, the two authorities will work together on monetary policy, foreign exchange operations and foreign reserves management. Cooperation will also extend to the supervision and oversight of financial institutions and activities, as well as payment systems and financial technologies.
The agreement covers the development and modernisation of payment and financial services infrastructure, with the goal of enabling faster, more efficient and secure cross-border transactions. It also supports financial technology development and innovation in financial services.
Both sides will exchange knowledge and build capacity through meetings, working visits, and joint studies and research. They may also set up working groups by mutual agreement in areas of shared interest, in line with the laws and regulations of each country.
Balama said the MoU marks another step in deepening the CBUAE’s ties with regional and global counterparts and opens new opportunities in supervision, payment systems and financial technologies. He added that it will help strengthen the resilience and stability of the financial sector in both countries.
Turnava said the agreement provides a foundation for closer cooperation and for exchanging expertise in central banking, supervision and financial technologies. She highlighted the value of capacity building and sharing best practices in developing payment systems and financial services.
News Source: Emirates News Agency
