Bangkok:The Central Bank of the United Arab Emirates (CBUAE) and the National Bank of Georgia (NBG) have signed a Memorandum of Understanding (MoU) to strengthen financial and supervisory cooperation, facilitating the exchange of information and expertise in central banking.

According to Emirates News Agency, the MoU aims to support financial stability and the development of the banking and financial sectors in both countries. The agreement was signed by Khaled Mohamed Balama, Governor of the CBUAE, and Natia Turnava, Governor of the NBG, during the Annual Meetings of the International Monetary Fund and the World Bank Group in Bangkok, Thailand.

Under the MoU, both authorities will collaborate on monetary policy, foreign exchange operations, foreign reserves management, supervision of financial institutions, and financial technologies. The agreement also focuses on enhancing payment and financial services infrastructure to enable faster, more efficient, and secure cross-border transactions while promoting innovation in financial services.

The MoU further includes provisions for exchanging knowledge, expertise, and capacity building through meetings, working visits, and joint research. Both banks may form working groups by mutual agreement to support cooperation in areas of mutual interest, adhering to the laws and regulations of both countries.

Khaled Mohamed Balama, Governor of the CBUAE, emphasized that the MoU represents an important step in strengthening relationships with regional and global counterparts, creating new opportunities for cooperation in supervision, payment systems, and financial technologies. Natia Turnava, Governor of the NBG, highlighted the importance of the MoU for capacity building and sharing best practices, which will aid in developing payment systems and financial services in both countries.