OTS member states eye creation of Central Banks’ Board for greater economic resilience
The OTS member states signed a memorandum to establish the Central (National) Banks’ Board for greater interaction between financial institutions of the Turkic speaking countries, promoting an exchange of experiences and coordinating efforts in economic matters, Kazinform News Agency correspondent reports.
Signing the document were the heads of the five states’ Central Banks, including chairman of the Kazakh National Bank Timur Suleimenov, chairman of the National Bank of Kyrgyzstan Melis Turgunbaev, chairman of the Central Bank of Uzbekistan Mamarizo Nurmuratov, chairman of the Central Bank of Azerbaijan Taleh Kyazymov and chairman of the Central Bank of Türkiye Fatih Karahan.
The Central (National) Banks’ Board is to focus on holding joint consultations and research in the area of monetary policy, sustainable financial system, development of payment systems and implementation of new financial technologies.
This move is set to enhance economic resilience of the OST member states, create common approaches to financial regulation and increase the efficiency of payment systems, ultimately contributing to greater economic integration in the region.
Earlier it was reported that the ministers of the OTS member countries backed the initiatives of Kazakhstan to set up the Green Finance Board as well as Central (National) Banks’ Board.
To note, the 11th OTS summit “Strengthening the Turkic World: Economic Integration, Sustainable Development, Digital Future and Security for All” is underway in the Kyrgyz capital of Bishkek. Attending the event are the heads of the OTS member states as well as the leaders of the organization’s observer countries.
Earlier, President of Kazakhstan Kassym-Jomart Tokayev summed up the results of Kazakhstan’s presidency of the OTS.
The Organization of Turkic States (OTS) includes Azerbaijan, Kazakhstan, Kyrgyzstan, Türkiye and Uzbekistan as well as Turkmenistan and Hungary as observer states. The organization is headquartered in Istanbul, Türkiye.
