UAE, Georgia central banks sign MoU on financial cooperation

Representatives of the UAE Central Bank and National Bank of Georgia sign a memorandum of understanding in Bangkok.

The Central Bank of the UAE (CBUAE) and the National Bank of Georgia signed a memorandum of understanding (MoU) to strengthen financial and regulatory cooperation and exchange information and expertise in central banking, supporting financial stability and the development of the banking and financial sectors in both countries. The agreement was signed on the sidelines of the annual meetings of the International Monetary Fund (IMF) and World Bank Group in Bangkok, Thailand.

According to a CBUAE statement, the two parties will enhance cooperation under the MoU in monetary policy, foreign exchange operations, foreign reserve management, supervision and oversight of financial institutions and activities, as well as payment systems and financial technology (fintech).

The MoU also covers the development and modernization of payment infrastructure and financial services to accelerate cross-border transactions, improve their efficiency and enhance their security, while supporting fintech development and encouraging innovation in financial services.

The agreement further provides for knowledge and expertise sharing and capacity building through meetings, working visits, joint studies and research. It also allows for the establishment of working groups by mutual agreement to advance cooperation in areas of common interest, in accordance with the applicable laws and regulations of both countries.