Türkiye signs agreement with Saudi Arabia to enhance collaboration in central banking

(MENAFN) On Wednesday, the Central Bank of Türkiye announced that it has signed a cooperation agreement with the central bank of Saudi Arabia. The memorandum of understanding, formalized on Tuesday, is designed to enhance collaboration between the two institutions in the realm of central banking.

The primary objective of the agreement is to establish a framework for ongoing cooperation between the two central banks. This includes the exchange of expertise and the undertaking of joint technical initiatives related to central banking functions. The memorandum underscores the commitment of both countries to work together in advancing their central banking practices and strategies.

According to the statement from the Turkish Central Bank, the cooperation deal reflects both countries' ambitions to strengthen their institutional ties and share knowledge in the field of central banking. This collaboration aims to improve technical capabilities and foster a deeper understanding of central banking operations between Türkiye and Saudi Arabia.

The agreement marks a significant step in the bilateral relationship between the central banks of the two nations, aiming to facilitate mutual growth and development in central banking practices. By working together on technical and corporate activities, both banks hope to enhance their operational efficiency and support broader economic objectives.

MENAFN05092024000045015839ID1108639024