(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 12. Productive and
mutually beneficial cooperation has been established between the
National Bank of Kazakhstan (NBK) and the Central Bank of
Azerbaijan (CBA), a source in the NBK told Trend .
The source underlined a regular exchange of expertise on
contemporary topics concerning central bank activities within the
context of bilateral and international contacts.
"To strengthen cooperation in 2023 between the National Bank of
Kazakhstan and the Central Bank of Azerbaijan, a memorandum of
understanding was signed," emphasized the source.
The source said that the memorandum aims to facilitate
collaboration and the exchange of experience and information in the
fields of monetary and credit policy, the financial sector, payment
systems, financial technologies, and other areas of interest to
both countries and organizations.
Azerbaijan is a key trade and economic partner of Kazakhstan in
the South Caucasus.
The gross inflow of foreign direct investment from Azerbaijan to
Kazakhstan was $1.2 million in the first half of 2023. The majority
of Azerbaijani investments in Kazakhstan are concentrated on the
energy sector, primarily the oil and gas industry.
From January to September 2023, Kazakhstan-Azerbaijan trade
turnover was $417.4 million. This figure is a record when compared
to prior years, and it is 31.9 percent more than the indication for
the first nine months of 2022 ($316.4 million).
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