Baku: The Central Bank of Azerbaijan (CBA) and the Central Bank of Hungary have formalized their collaborative efforts by signing a Memorandum of Understanding on Cooperation (MoU). This significant agreement took place during the Second Meeting of the Council of Central (National) Banks of the Member States of the Organization of Turkic States, hosted in Baku.

According to Azeri-Press News Agency, the MoU provides a structured framework aimed at enhancing cooperation and knowledge-sharing in the field of central banking. The agreement is designed to facilitate the exchange of expertise, best practices, and technical experience between the two nations' central banks.

The cooperation will cover various areas, including monetary policy, banking supervision, capital markets, insurance, payment systems, and financial technology. Additionally, the memorandum outlines plans for organizing meetings, seminars, training programs, study visits, and other professional exchanges to foster collaboration.

Both institutions anticipate that the agreement will play a pivotal role in the development of central banking practices and support the ongoing advancement of the financial sectors in Azerbaijan and Hungary.