Khaled Mohamed Balama, Governor of the Central Bank of the UAE “CBUAE”, signed a Memorandum of Understanding (MoU) with Timur Suleimenov, Governor of the National Bank of Kazakhstan, and Madina Abylkassymova, Chair of the Agency for Regulation and Development of the Financial Market of Kazakhstan.
What Will CBUAE and the National Bank of Kazakhstan Do According to the New MoU ?
The MoU aims to enhance cooperation and establish a framework to strengthen relations.
And also to exchange information and expertise in shared areas of interest.
Under the MoU, the three parties will exchange knowledge and best practices related to developing local financial markets, financial technology, and the promotion of central bank digital currencies (CBDCs), enabling their use in cross-border transactions between the two countries.
The agreement also covers the exchange of supervisory information.
As well as the cooperation in Islamic banking and finance, cybersecurity and technical and professional collaboration.
Joint Business Opportunities
Commenting on the signing of the MoU, Khaled Mohamed Balama said:
“This MoU reflects the depth and strength of the economic partnership between the UAE and the Republic of Kazakhstan.
It also supports the mutual commitment to strengthening ties in trade, investment, and finance.
The proactive approach of the Central Bank enhances cooperation with regional and international partners.
In addition, it broadens joint business opportunities in the financial and banking sectors.
While contributing to economic, commercial, and investment growth in the UAE.
We look forward to work closely with our partners in Kazakhstan to enhance financial stability develop the financial system, and achieve the shared interests of our two friendly nations.”
Advancing Sustainable Development
For his part, Timur Suleimenov, Governor of the National Bank of Kazakhstan, said:
“The collaboration between CBUAE and the National Bank of Kazakhstan supports joint efforts to deepen economic partnership between the two countries.
It is also strengthening bilateral cooperation in finance, banking, and central bank digital currencies.
This will contribute to advancing sustainable development.
We will continue to work with the Central Bank of the UAE to achieve our shared goals.
By leveraging rich experiences in financial technology and payment systems to help the economies of both nations flourish.”
Abdullah bin Touq Al Marri, Minister of Economy and Chairman of the Emirates Tourism Council, affirmed that the UAE’s tourism sector continues to grow and achieve positive results, supported by the directives and forward-looking vision of the wise leadership. pic.twitter.com/f0dOSiWH60
— UAE Voice (@uae_voiceeng) April 8, 2025
Deepen Economic and Trade Cooperation
While Madina Abylkassymova, Chair of the Agency for Regulation and Development of the Financial Market of Kazakhstan, stated:
“We are pleased to sign this MoU with CBUAE and to define a framework for joint cooperation.
In order to create a more stable financial system and develop sound financial regulatory mechanisms in both markets.
We commend the UAE’s financial market laws and regulations.
We look forward to exchanging expertise in developing financial services in line with global standards.
Strengthening financial market regulation, which will deepen economic and trade cooperation between the two countries.”
