Second meeting of Turkic Central Bank Council concludes in Baku

Press Releases A - A + The second meeting of the Council of Central (National) Banks of the Member States of the Organization of Turkic States has concluded June 5, 2026, Baku: The Central Bank hosted the second meeting of the Council of Central (National) Banks of the Member States of the Organization of Turkic States. Prime Minister of the Republic of Azerbaijan Ali Asadov received Council members and representatives of observer states on an official visit to our country on June 4. The meeting emphasized that the events and initiatives undertaken by the Council will serve to further strengthen cooperation among the central banks and financial institutions of the Organization of Turkic States (OTS) member countries. Additionally, the meeting discussed the continuous reforms implemented in Azerbaijan to improve the monetary policy framework and modernize the financial-banking sector, as well as the results achieved in enhancing the quality of financial services, increasing transparency, and strengthening the stability of the banking system. Subsequently, the Council's meeting began in the Central Bank's new administrative building. OTS Secretary-General Kubanichbek Omuraliyev, a delegation from the National Bank of Kazakhstan, the heads of the central banks of the Kyrgyz Republic, Uzbekistan, and Turkey, as well as the heads of the central banks of Hungary and the Turkish Republic of Northern Cyprus in an observer capacity, participated in the meeting. Speaking with an opening address, Central Bank Chairman Taleh Kazimov stated that the Council opens new opportunities for cooperation among countries and institutions. The Chairman noted that in a period marked by rising uncertainties in the global and regional economies, increased volatility of indices in financial markets, and the expanding application of digital technologies, the Council serves as a crucial platform for addressing both common and country-specific challenges. He emphasized that the Council promotes closer economic and financial cooperation in the areas of monetary policy, financial stability, and financial sector development. Secretary-General Kubanichbek Omuraliyev spoke about the Council's activities over the past two years and its role in promoting cooperation among member countries as well as regionally. Subsequently, the first session, dedicated to the topic "Monetary and financial policy measures of central banks against global and regional risks in the medium term," began. Central Bank Executive Director Vugar Ahmedov delivered a presentation, sharing the country's experience regarding the monetary and financial stability policies implemented considering developments in the global economy and financial sectors, as well as their outcomes. A Q&A session was held at the conclusion of the presentation, followed by speeches from the delegations on the topic. The second session of the meeting discussed the topic "Development of digital financial ecosystems, including financial technologies." Fidan Tofidi, Director of the Financial Technologies and Innovations Department of the Central Bank, delivered a presentation on the country's experience regarding initiatives implemented and tasks to be undertaken for the development of the digital financial ecosystem. Following the Q&A session, speeches from the delegations on the topic were heard. During the speeches, participants emphasized the importance of further expanding the Council's activities as a platform of regional and global significance, as well as strengthening effective mutual relations among central banks. At the conclusion of the official part of the meeting, a "Communique" reflecting the agreements reached and future areas of cooperation was signed. It was announced that the Council's third meeting will be held in Turkey in 2027. 05.06.2026