Turkic States Establish Council of Central Banks  

Members of the Organisation of Turkic States (OTS) announces the establishment of a Council of Central (National) Banks, as reported by Kyrgyz media citing the press service of the National Bank of Kyrgyzstan.  

Leaders of the central banks from Turkey, Azerbaijan, Uzbekistan, Kyrgyzstan, and Kazakhstan have signed a memorandum establishing a new collaborative Council. This initiative aims to enhance joint consultations, promote economic research and facilitate the exchange of best practices in effective monetary policy.

Kazakhstan initiated the creation of the Council earlier this year, with the idea receiving support from the Ministers of Economy and Trade of OTS countries in October.  

One of the Council’s main priorities will be coordinating efforts to develop payment systems and improve the money transfer market.  

Governor of the National Bank of the Kyrgyz Republic, Melis Turgunbayev, emphasised the significance of the signed document for collaboration in staff training and the implementation of advanced financial technologies.  

Kursiv Uzbekistan also reports on the changes in the volume of gold and foreign currency reserves held by the Central Bank of Uzbekistan.