Azerbaijan and Kazakhstan Plan Joint Steps for Financial Market Oversight

Azerbaijan and Kazakhstan held discussions on financial market regulation, according to Governor of the Central Bank of Azerbaijan, Taleh Kazimov, who shared the update on his X page, The Caspian Post reports citing Trend.

"During a working visit to Kazakhstan, we met with Chairperson of the Agency for Regulation and Development of the Financial Market of Kazakhstan Madina Abylkassymova. After discussing important issues in the field of regulation and supervision of financial markets, we signed a Memorandum of Understanding between the institutions.

Within the framework of the memorandum, mutual visits will be held on the state and development of the financial market, standards of financial market regulation and supervision, as well as innovative mechanisms, exchange of experience and information in the field of improving mechanisms for monitoring and controlling the activities of market participants, protecting the rights of consumers and investors will be expanded, and in general, attention will be paid to the exchange of experience, training and seminars, organizing joint research, and knowledge exchanges," Kazimov pointed out.

The Central Bank (previously known as the National Bank) was founded in the Republic of Azerbaijan by a decree from the President on the 'Establishment of the National Bank in the Republic of Azerbaijan' dated 11 February 1992. A legal framework enables the Central Bank to more effectively fulfill its objectives and functions across all operational domains, delineating its primary responsibilities: formulating and executing monetary and exchange rate policy, overseeing currency circulation, regulating and advancing centralized interbank and other licensed payment systems, and managing gold and foreign exchange reserves.

To note, Kazakh oil transit through Azerbaijan reaches 3 million tons.