The Chairman of the National Bank of Tajikistan (NBT) Firdavs Tolibzoda and the Chairman of the Central Bank of Uzbekistan (CBU) Mamarizo Nourmuratov have signed an agreement promoting the expansion of mutual cooperation, says the NBT press center.
The document is expected to promote the expansion of mutual cooperation by coordinating the views of the parties on issues of regulating and controlling activities of loan lenders, licensing procedures, inspections, crisis management, local control and remote monitoring.
“Another aspect of this document concerns the control over the process of receiving and processing financial statements, identifying and monitoring risks in the activities of a loan lender, implementing and applying the standards of the Basel Committee on Banking Supervision, conducting inspections of the activities of a loan mender and exchanging information,” the NBT press center notes.
The Basel Committee on Banking Supervision (BCBS) is the primary global standard setter for the prudential regulation of banks and provides a forum for regular cooperation on banking supervisory matters. Its 45 members comprise central banks and bank supervisors from 28 jurisdictions.
The agreement was reportedly signed on the margins of the 2024 IMF-World Bank Group Spring Meetings that took place in Washington D.C. from April 15-20, bringing together leaders from government, private sector, civil society, and academia to explore solutions to tackle global challenges head-on.
During the signing of this document, the heads of the countries’ financial regulators discussed a number of issues related to banking and financial system and further expansion of cooperation on exchange of information and experience, the NBT press center says.
The National Bank of Tajikistan is the central bank of Tajikistan. The Bank is engaged in developing policies to promote financial inclusion and is a member of the Alliance for Financial Inclusion.
The Central Bank of Uzbekistan is the country's national bank. The Central Bank of the Republic of Uzbekistan represents a centralized control system. For the performance of assigned tasks it creates the appropriate services and establishments, which work on the basis of rules confirmed by the Board of the Central Bank.
