The Emirates Central Bank signs a memorandum of understanding to consolidate cooperation and exchange of information

The Governor of the United Arab Emirates Central Bank, Khaled Mohamed Balama, and the Governor of the National Bank of Kazakhstan, signed His Excellency Timor Seminov, and Chairman of the Kazakhstan Authority for the Organization and Development of the Financial Market, Medina Abelkasimova, a memorandum of understanding aimed at enhancing cooperation and establishing a framework to consolidate relations and exchange information and experiences in the common fields.

The three parties, according to the memorandum, will exchange information and experiences on best practices and systems to develop local financial markets, financial technology, and promote digital currencies for central banks and enable their use in transactions across the border between the two countries. The memorandum also includes the participation of supervisory information, facilitating cooperation in the fields of Islamic banking, Islamic finance, and cyber security, in addition to cooperation in the technical and technical fields.

Commenting on the signing of the Memorandum of Understanding, Khaled Mohamed Al -Amma, Governor of the Emirates Central Bank, said: “The Memorandum of Understanding embodies the depth and durability of the economic partnership between the UAE and the Republic of Kazakhstan, and supports the two countries’ keenness to consolidate relations in the commercial, investment and financial fields. And the banking to support economic, commercial and investment prospects in the UAE.

Common cooperation

For his part, Timor Selammov, Governor of the National Bank of Kazakhstan, said: “Cooperation between the Emirates Central Bank and the National Bank of Kazakhstan supported joint efforts to deepen economic partnership relations between the two countries, and to consolidate the prospects for bilateral cooperation in the financial and banking fields and digital currencies of central banks, which leads to the advancement of the sustainable development process. We will continue to work with the Emirates Central Bank to achieve common goals through Take advantage of wealthy experiences and experiences in financial technology and payment systems to contribute to the prosperity of the economies of the two countries. ”

In turn, Medina Abelkasimova, Chairman of the Kazakhstan Authority for the Regulation and Development of the Financial Market, said: “We are pleased to sign the memorandum of understanding with the Emirates Central Bank, and to define the framework of joint cooperation to form a more stable financial system, and develop sound financial organizational mechanisms in the markets of the two countries. Finance, in a way that contributes to deepening the scope of economic and trade cooperation between the two countries. “