On March 12, a meeting of the Uzbek-Russian Sub-Commission on Interbank Cooperation was held in Moscow, which was attended by representatives of central banks, ministries of finance and economic development, banks of the two countries, as well as representatives of the Uzbek Foreign Currency Exchange and the Moscow Exchange. The meeting was co-chaired by the First Deputy Chairman of the Uzbek Central Bank T. Ishmetov and the First Deputy Chairman of the Bank of Russia K. Yudayeva.

During the event, the parties discussed the ways to develop interbank cooperation, national payment systems, banking supervision and regulation, including consolidated supervision of cross-border banks, improving financial accessibility, and personnel training.

The parties agreed to co-draft a Memorandum of Understanding between the central banks of tUzbekistan and Russia in the field of banking supervision, which will facilitate close cooperation and exchange of experience between the central banks in the applied approaches of regulation and supervision of the banking sector, and consolidated supervision of cross-border banks.

In order to launch the steps for intersystem integration of the national card systems of Uzbekistan and Russia and to bring together approaches to regulation, supervision in the field of payment systems, an agreement was reached on prpeparing of the relevant cooperation agreement.

The parties signed a Cooperation Agreement between the central banks in the field of personnel training.

All attendees reportedly highly valued the meeting and noted that this initiative would faciltate the development and strengthening of interbank cooperation. The next meeting of the Sub-Commission will be held in Tashkent.