The Central Bank of the UAE (CBUAE) and the National Bank of Georgia (NBG) have signed a memorandum of understanding (MoU).

The agreement aims to strengthen financial and supervisory cooperation and support financial stability in both countries.

CBUAE Governor Khaled Mohamed Balama and NBG Governor Natia Turnava signed the MoU in Bangkok, Thailand.

The signing took place on the sidelines of the IMF and World Bank Group Annual Meetings.

Under the MoU, the central banks will cooperate on monetary policy, foreign exchange operations and foreign reserves management.

In addition, the agreement covers the supervision and oversight of financial institutions and activities. Its scope extends to payment systems and financial technologies.

For payments, the MoU covers the development and modernisation of payment and financial services infrastructure.

The aim is to facilitate faster, more efficient and more secure cross-border transactions.

Furthermore, the agreement supports the development of financial technologies and promotes innovation in financial services.

Knowledge exchange and capacity building are also provided for through meetings, working visits, joint studies and research.

Where both parties agree, they may establish working groups in areas of mutual interest, in line with the laws and regulations of each country.

“It creates new opportunities for cooperation with the National Bank of Georgia in supervision, payment systems and financial technologies, helping to facilitate cross-border transactions and enhance the resilience and stability of the financial sector in both countries,”

said Khaled Mohamed Balama, Governor at the CBUAE.

“This MoU provides a foundation for strengthening cooperation with the Central Bank of the UAE and exchanging expertise in central banking, supervision and financial technologies,”

said Natia Turnava, Governor at the NBG.

Featured image: Edited by Fintech News UAE, based on image by Central Bank of the UAE (CBUAE) via its website, National Bank of Georgia (NBG) via its website and qaseemz via Magnific.