Baku: The Central Bank of Azerbaijan (CBA) and the Central Bank of Hungary (Magyar Nemzeti Bank) have signed a Memorandum of Understanding on cooperation. This agreement was finalized during the second Meeting of the Council of Central (National) Banks of the Member States of the Organization of Turkic States (OTS).

According to Azerbaijan State News Agency, the memorandum aims to reinforce the institutional and legal cooperation between the two central banks. It seeks to expand mutual relations and encourage the sharing of advanced practices and knowledge in central banking.

The document outlines a framework for enhanced collaboration in areas such as monetary policy, banking supervision, capital markets, the insurance sector, payment systems, and financial technologies. It represents a significant step in strengthening ties and fostering mutual interests between the two countries.

The MoU also includes provisions for organizing meetings, seminars, experience exchanges, training programs, and business trips. These initiatives are expected to contribute to the development of central banking and the financial sectors in both Azerbaijan and Hungary.