The Central Bank of the UAE (CBUAE) has signed a Memorandum of Understanding (MoU) with the Central Bank of the Republic of Azerbaijan (CBAR) to enhance collaboration and information exchange across the financial sector.
Signed by CBUAE Governor Khaled Mohamed Balama and CBAR Governor Taleh Kazimov, the agreement aims to deepen ties through joint efforts in supervision, regulation, licensing, and financial infrastructure, with a particular focus on banking, insurance, and digital payment services.
As part of the MoU, both parties will share best practices, conduct joint research, and engage in technical training and knowledge exchange. The move is expected to support economic growth and promote financial stability in both countries.
Balama described the agreement as a reflection of the UAE’s broader strategy to strengthen international partnerships and drive innovation within the financial sector.
“We look forward to working closely with our partners in Azerbaijan to foster financial technology development and advance digital payment solutions,”
he said.
Kazimov highlighted the UAE’s progress in financial regulation and technology, calling the MoU a key step toward boosting economic, commercial, and investment ties.
“We seek close and fruitful relations with the CBUAE to support the growth of our financial services and deepen bilateral cooperation,”
he added.
The agreement signals a shared commitment to advancing financial innovation and enhancing regulatory frameworks, reinforcing the UAE and Azerbaijan’s positions as forward-looking players in the global financial landscape.
News Source: Emirates News Agency
