BAKU, Azerbaijan, June 5. The central banks of Azerbaijan and Hungary have signed a memorandum of understanding, Taleh Kazimov, Chairman of the Azerbaijan Central Bank, wrote on his X account, Trend reports.
“As part of the second meeting of the Council of Central (National) Banks of the Turkic States, held in Baku, we signed a Memorandum of Understanding with the Governor of the Central Bank of Hungary, Mihály Varga, aimed at further deepening relations based on mutual trust between our institutions,” the publication reads.
Moreover, it is noted that under the memorandum, there will be mutual exchange of information in the areas of monetary policy, banking supervision, capital markets, the insurance sector, payment systems, and financial technologies. Furthermore, technical cooperation will be expanded through meetings, seminars, experience sharing, training programs, and working visits.
Meanwhile, Magyar Nemzeti Bank is the central bank of Hungary. The MNB is a member of the European System of Central Banks. Both the Bank and the members of its governing bodies operate independently in fulfilling the tasks and responsibilities assigned to them under the MNB Act and do not seek or accept instructions from the government, institutions, or bodies of the European Union, the governments of its member states, or any other authorities, except for the European Central Bank.
The primary objective of Magyar Nemzeti Bank (the Central Bank of Hungary) is to achieve and maintain price stability. Without prejudice to its primary objective, the Magyar Nemzeti Bank supports the government’s economic policy using the monetary policy instruments at its disposal.
