Uzbekistan and China Sign MoU to Strengthen Banking Supervision Cooperation

The Central Bank of Uzbekistan and the National Financial Regulatory Administration (NFRA) of the People's Republic of China have signed a Memorandum of Understanding (MoU) to enhance cooperation in banking supervision.

The MoU lays a solid foundation for strengthening bilateral collaboration in financial oversight. It aims to promote effective supervision of the banking sector, facilitate the exchange of information-particularly in areas such as anti-money laundering (AML) and counter-terrorism financing (CTF)-and support the operations of Chinese banks in Uzbekistan’s financial market, The Caspian Post reports citing Trend.

Under the agreement, the sides will hold regular consultations, share best practices in banking and financial supervision, and implement joint initiatives to enhance regulatory coordination.

This development comes amid growing economic ties between the countries. Bilateral trade exceeded $13 billion in the previous fiscal year, with both nations reaffirming their commitment to reaching the $20 billion target set by their leaders.