Central Bank of UAE and National Bank of Georgia Forge Supervisory Partnership
The Central Bank of the United Arab Emirates and its Georgian counterpart have established a comprehensive framework for financial cooperation, encompassing monetary policy coordination, payment systems modernisation and the advancement of financial technologies.
The Central Bank of the United Arab Emirates and the National Bank of Georgia have signed a Memorandum of Understanding to strengthen financial and supervisory cooperation, marking a significant step in deepening bilateral relations between the two nations. The agreement was formalised 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.
This comprehensive accord establishes a framework for enhanced collaboration across multiple dimensions of central banking and financial regulation. The authorities will work in concert to advance monetary policy coordination, optimise foreign exchange operations and strengthen the management of foreign reserves. Additionally, the MoU provides for intensified supervision and oversight of financial institutions and activities, with particular emphasis upon payment systems and emerging financial technologies.
Infrastructure and Innovation
A cornerstone of the agreement resides in its commitment to the development and modernisation of payment and financial services infrastructure. The MoU establishes pathways for facilitating faster, more efficient and secure cross-border transactions, whilst simultaneously fostering the development of financial technologies and promoting innovation across the financial services landscape.
The arrangement encompasses a robust framework for knowledge exchange and capacity building, enabling both institutions to benefit from shared expertise through formal meetings, working visits, and collaborative studies and research initiatives. By mutual agreement, the authorities may establish specialised working groups to address areas of mutual interest, ensuring that cooperation remains responsive to evolving priorities and consistent with the applicable laws and regulations of both nations.
Khaled Mohamed Balama underscored the significance of the partnership, noting that it reflects the directives of the UAE’s wise leadership to deepen cooperation with friendly nations. He emphasised that the MoU creates fresh opportunities for collaboration in supervision, payment systems and financial technologies, whilst facilitating cross-border transactions and enhancing the resilience and stability of the financial sector in both countries.
Natia Turnava similarly highlighted the foundational value of the agreement, describing it as providing opportunities for meaningful capacity building and the exchange of best practices in developing payment systems and financial services. The partnership, she noted, shall support the development of the banking and financial sectors in both nations whilst strengthening their capacity to facilitate international transactions.
Source: WAM