Chairperson of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market Madina Abylkassymova and Chairman of the Central Bank of the Republic of Azerbaijan Taleh Kazimov signed a Memorandum of Understanding.
The memorandum is designed to enhance bilateral cooperation between financial regulators in terms of exchange of information and assistance to ensure stability of the financial markets of the two countries. The signing ceremony took place on the sidelines of the first meeting of the Council of Central Banks of the member states of the Organization of Turkic States.
The memorandum provides for exchange of information about the state and experience of development of the national financial market, main standards and requirements for regulation and supervision. Financial regulators will also exchange experiences in improvement of the laws and the regulatory framework, including joint efforts to upgrade mechanisms for supervision and monitoring of activities of market participants.
Systematic work of the Agency to sign agreements on exchange of information with financial regulators of other countries is carried out within implementation of the FSAP recommendations designed to ensure compliance with the Basel Fundamental Principles of Banking Supervision. During the meeting of the Council of Central Banks of the member states of the Organization of Turkic States, heads of financial regulators discussed the current economic situation in the member states of the organization, key directions of development of the financial sector, including aspects of the use of fintech and digital currency of central banks.