BAKU, Azerbaijan, June 10. A memorandum of cooperation signed between the Central Bank of Uzbekistan and the National Bank of Slovakia (NBS) on June 5 is expected to create new opportunities for the exchange of expertise and closer institutional dialogue between the two central banks, a representative of the National Bank of Slovakia told Trend.
"The memorandum provides a solid framework for our institutions to connect. It creates the opportunity to share our technical expertise and discuss modern central banking practices. This agreement opens a practical, structured dialogue with the Central Bank of Uzbekistan," the representative said.
According to the NBS, the agreement lays the basis for future cooperation in areas related to central banking operations, financial stability, and regulatory practices.
The Slovak central bank also praised Uzbekistan's recent efforts to modernize its financial sector and align its regulatory framework with international standards.
"Uzbekistan has taken clear steps toward financial sector reform, and we respect their drive to align with international regulatory standards. The scope of our future dialogue will naturally evolve based on the technical priorities and capacities of both sides, but we see this as a constructive starting point for sharing knowledge," the representative noted.
The NBS highlighted Slovakia's experience transitioning to a modern market-based financial system as a potential source of practical expertise for Uzbekistan.
"Because Slovakia successfully navigated its own complex economic transition, we can offer a highly practical perspective. We understand the growing pains of modernizing a financial sector, and we are glad to share our hands-on experience in central banking operations, financial stability frameworks, and economic analysis," the representative added.
The memorandum was signed as part of efforts to deepen cooperation between the two central banks and facilitate exchanges of expertise on financial-sector development, monetary policy, and banking supervision.
Meanwhile, Uzbekistan has been implementing a broad agenda of banking and financial-sector reforms in recent years, including strengthening regulation, increasing competition in the banking sector, promoting digital financial services, and enhancing the independence and effectiveness of monetary policy institutions.
