UAE Central Bank Agrees to Collaboration Accord with Azerbaijan, Advancing Financial Collaboration
On May 26, 2025, the Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of the Republic of Azerbaijan (CBAR) signed a Memorandum of Understanding (MoU) to boost collaboration and information exchange across their financial sectors.
Khaled Mohamed Balama, Governor of the CBUAE, and Taleh Kazimov, Governor of the CBAR, inked the agreement aiming to bolster ties through joint efforts in supervision, regulation, licensing, and financial infrastructure. Particular focus will be on banking, insurance, and digital payment services.
As part of the MoU, both central banks will share best practices, engage in joint research, and participate in technical training and knowledge exchange. This cooperative approach is expected to support economic growth and foster financial stability in both nations.
Balama stated that the MoU signifies the UAE's broader strategy to fortify international partnerships while driving innovation within the financial sector. Kazimov lauded the UAE's advancements in financial regulation and technology, considering the MoU a significant stride towards strengthening economic, commercial, and investment ties.
The MoU underscores a shared commitment to promoting financial innovation and enhancing regulatory frameworks, positioning the UAE and Azerbaijan as progressive players in the global financial landscape. The agreement follows high-level discussions between CBAR officials and the UAE, symbolizing mutual trust and a beneficial partnership between the two financial institutions.
- The MoU between the Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of the Republic of Azerbaijan (CBAR) will encourage joint research to foster innovation in technology and finance within the business sector.
- To boost economic growth, the central banks will collaborate on the development of banking, insurance, and digital payment services through information exchange and sharing of best practices.
- The UAE and Azerbaijan will strengthen their international partnerships by underpinning their commitment to financial innovation and improving regulatory frameworks across their respective sectors.
- The close collaboration between the UAE and Azerbaijan, as established by the MoU, is anticipated to attract investment, spurring further advancements in technology and business within these two nations.
- Engaging in technical training and knowledge exchange, as stipulated in the MoU, will help both countries create a conducive environment for collaborative efforts in licensing, supervision, and regulation, ultimately enhancing financial stability and fostering prosperous international partnerships.
