BAKU, Azerbaijan, October 19. The central banks of Azerbaijan and Slovakia have signed a Memorandum of Understanding.
This was announced by Central Bank Governor Taleh Kazimov on his “X” account.
“On the sidelines of the Annual Meetings of the WB/IMF, we signed a Memorandum of Understanding with Peter Kažimír, Governor of the National Bank of Slovakia, to further strengthen cooperation between our institutions, which is founded on mutual trust.
The Memorandum will enhance cooperation in monetary policy, payment systems and financial technology, as well as in the regulation and supervision of banks, insurance companies and capital markets; The exchange of expertise and best practices in central banking,” the post reads.
The National Bank of Slovakia (Národná banka Slovenska—NBS) was established on January 1, 1993, and is the independent central bank of the Slovak Republic. Its primary objective is to maintain price stability.
Following Slovakia’s adoption of the euro on January 1, 2009, the NBS became a member of the European System of Central Banks and the Eurosystem, which brings together the central banks of the eurozone countries. Within this framework, the bank participates in the implementation of the euro area’s single monetary policy, as defined by the European Central Bank; ensures the circulation of euro banknotes and coins; promotes the smooth functioning of payment and settlement systems; and manages foreign exchange reserves.
The NBS also plays an important role in maintaining the stability of Slovakia’s financial market and ensuring the safe operation of financial services. Its supervisory powers include oversight of the activities of credit institutions, investment firms, securities market participants, insurance and reinsurance companies, pension fund management organizations, and other financial market participants.
The Bank’s Governing Council is its highest governing body. The leadership of the National Bank of Slovakia consists of a governor, two deputy governors, and three other members, for a total of six people. Members of the Governing Council are appointed for a term of six years.
