In Bangkok, the capital of Thailand, on the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, Natia Turnava, Governor of the National Bank of Georgia (NBG), met with Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE).

During the meeting, the National Bank of Georgia and the Central Bank of the United Arab Emirates signed a Memorandum of Understanding (MoU).

The Memorandum was signed by Natia Turnava, Governor of the National Bank of Georgia, and Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates.

The Memorandum aims to strengthen financial and supervisory cooperation between the two central banks, facilitate the exchange of information and expertise in central banking, and support the development and financial stability of the banking and financial sectors in both countries.

It also provides for promoting innovation in financial technology, sharing knowledge and experience, building institutional capacity, and conducting joint research.

Natia Turnava briefed her UAE counterpart on the achievements of Georgia’s financial and banking sectors, highlighting their resilience and sound liquidity indicators. She also outlined the steps taken by the National Bank of Georgia to modernize the country’s payment infrastructure, including the large-scale upgrade of the Real-Time Gross Settlement (RTGS) system and the ongoing development of the Instant Payment System (IPS).

According to the Governor of the National Bank of Georgia, the Memorandum will facilitate closer cooperation between the central banks and the exchange of best practices in financial sector development.

“This Memorandum lays the foundation for strengthening cooperation with the Central Bank of the United Arab Emirates and exchanging expertise in central banking, supervision, and financial technology. We attach particular importance to the opportunities it offers for capacity building and the sharing of best practices in the development of payment systems and financial services. This cooperation will help simplify cross-border transactions and support the development of the banking and financial sectors in both countries,” noted Natia Turnava.

Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates, noted that the Memorandum creates new opportunities for cooperation between the two central banks.

The meeting was also attended by Ekaterine Mikabadze, First Vice-Governor of the National Bank of Georgia.

The Annual Meetings of the International Monetary Fund and the World Bank bring together representatives of international financial institutions, central banks, and the financial sector. Discussions focus on global economic trends, financial stability, and opportunities to strengthen international cooperation.