ASTANA: The National Bank of Kazakhstan and the Central Bank of Trkiye have signed a memorandum of understanding, Trend reports.

The document was signed by the chairmen of the banks at the Spring Meetings of the World Bank Group and the International Monetary Fund in Washington.

The main goal of the document is to strengthen bilateral relations, exchange information, and establish best practices in the areas of activity of central banks.

In particular, the parties plan to cooperate in studying macroeconomic trends, developing financial markets, and studying the activities of central banks in the fields of monetary policy, macroprudential policy, financial stability, and digital financial technologies, as well as in other areas.

The National Bank of Kazakhstan and the Central Bank of Trkiye plan to develop cooperation through mutual dialogue and the exchange of experience and expertise, including joint research activities.

Notably, Trkiye is one of the main trading partners of Kazakhstan. Thus, the volume
of trade turnover between Kazakhstan and Trkiye amounted to $6 billion in 2023.

At the same time, in the structure of trade turnover, exports to Trkiye for the above period amounted to $3.9 billion.

In addition, imports from Trkiye from January through December 2023 increased by 27 percent and amounted to $2 billion.

Source: Trend News Agency