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Turkic states ink memorandum to establish Council of Central Banks

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Turkic states on Wednesday signed a memorandum of understanding (MoU) to ascertain the Council of Central Banks.

The MoU was sealed as a part of the eleventh Summit of the Organization of Turkic States (OTS) held in Kyrgyzstan’s capital Bishkek.

The signatories have been governors of the central banks of Türkiye, Azerbaijan, Kazakhstan, Kyrgyzstan and Uzbekistan.

“A Memorandum of Understanding on the establishment of the Council of Central (National) Banks of the Member States of the Organization of Turkic States was signed on November 6, 2024,” the Central Bank of the Republic of Türkiye (CBRT) mentioned in an announcement.

President Recep Tayyip ErdoÄŸan and high Turkish officers from tradition to commerce and power minister traveled to Bishkek for the eleventh Summit of OTS this week.

The OTS, with Türkiye, Azerbaijan, Kazakhstan, Kyrgyzstan and Uzbekistan as full members in addition to Hungary, the Turkish Republic of Northern Cyprus (TRNC) and Turkmenistan as observers, focuses on enhancing cooperation in areas similar to commerce, politics, tradition and safety.

Since its institution, the OTS has performed a pivotal position in selling regional collaboration and shared cultural heritage. The group has made important strides in boosting commerce between member states, supporting infrastructure initiatives, and advancing cultural initiatives to protect Turkic id.

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