Second meeting of Turkic Central Bank Council concludes in Baku

05-06-2026

5 June 2026, Baku: The Central Bank of Azerbaijan hosted the second meeting of the Council of Central (National) Banks of the member states of the Organization of Turkic States (OTS).

On June 4 Azerbaijani Prime Minister Ali Asadov met with Council members and representatives of observer states, who were in Baku on an official visit. Officials highlighted the Council’s role in strengthening cooperation among central banks and financial institutions across OTS member countries. The meeting also reviewed Azerbaijan’s ongoing reforms to modernize its monetary policy framework and financial sector, including efforts to improve financial services, enhance transparency, and reinforce banking system stability.

The Council convened later at the Central Bank’s new HQs, with participation from OTS Secretary General Kubanychbek Omuraliev, a delegation from the National Bank of Kazakhstan, senior officials from the central banks of Kazakhstan, Kyrgyzstan, Türkiye, and Uzbekistan, as well as governors from Hungary and the Turkish Republic of Northern Cyprus as observers.

Opening the meeting, Governor of the Central Bank Taleh Kazimov noted that the Council has created new opportunities for cooperation among member countries and institutions. He emphasized that, at a time of increasing uncertainties in the global and regional economy, heightened volatility in financial markets, and the expanding adoption of digital technologies, the Council serves as an important platform for addressing both common and country-specific challenges. He further highlighted the Council’s role in promoting closer economic and financial cooperation in the areas of monetary policy, financial stability, and financial sector development.

Secretary General Kubanychbek Omuraliev highlighted the Council’s work over the past two years, describing it as a growing mechanism for regional coordination among central banks.

The first session focused on ‘Central Banks' Monetary and Financial Policy Responses to Global and Regional Risks in the Medium Term’. Central Bank Executive Director Vugar Ahmadov presented Azerbaijan’s experience in implementing monetary and financial stability policies amid shifting global economic conditions. His remarks were followed by a question-and-answer session and interventions from delegations.

A second session examined the development of digital financial ecosystems, including financial technologies. Fidan Tofidi, Director of the Central Bank’s Financial Technologies and Innovation Department, outlined Azerbaijan’s initiatives in expanding digital finance and future priorities in the sector. Following the question-and-answer session, delegations shared their views and experiences on the topic.

Participants emphasized the importance of expanding the Council’s role as a regional and global platform and strengthening cooperation among central banks.

The meeting concluded with the signing of a communiqué outlining agreed outcomes and future areas of cooperation. The third Council meeting is scheduled to take place in Türkiye in 2027.