BANGKOK (WAM)
The Central Bank of the United Arab Emirates (CBUAE) and the National Bank of Georgia (NBG) have signed a Memorandum of Understanding (MoU) to strengthen financial and supervisory cooperation and facilitate the exchange of information and expertise in central banking.
The MoU aims to support financial stability and the development of the banking and financial sectors in both countries.
The MoU was signed by Khaled Mohamed Balama, Governor of the CBUAE, and Natia Turnava, Governor of the NBG, on the sidelines of the Annual Meetings of the International Monetary Fund and the World Bank Group in Bangkok, Thailand.
Under the MoU, both authorities will work to strengthen cooperation in monetary policy, foreign exchange operations, and foreign reserves management, the supervision and oversight of financial institutions and activities, as well as payment systems and financial technologies.
The MoU covers the development and modernisation of payment and financial services infrastructure to facilitate faster, more efficient and secure cross-border transactions.
It also supports the development of financial technologies and promotes innovation in financial services.
The MoU also provides for the exchange of knowledge and expertise and capacity building through meetings, working visits, and joint studies and research.
Both authorities may establish working groups by mutual agreement to support cooperation in areas of mutual interest, in accordance with the applicable laws and regulations of both countries.
Governor of the CBUAE, Khaled Mohamed Balama, said, “This MoU marks another step in strengthening the Central Bank of the UAE’s relations with its regional and global counterparts, in line with the directives of our wise leadership to deepen cooperation with friendly nations. It creates new opportunities for cooperation with the National Bank of Georgia in supervision, payment systems and financial technologies, helping to facilitate cross-border transactions and enhance the resilience and stability of the financial sector in both countries.”
Governor of the NBG, Natia Turnava, said, “This MoU provides a foundation for strengthening cooperation with the Central Bank of the UAE and exchanging expertise in central banking, supervision and financial technologies. We attach particular importance to the opportunities it offers for capacity building and sharing best practices in developing payment systems and financial services, helping to facilitate cross-border transactions and support the development of the banking and financial sectors in both countries.”