The Central Bank of the Republic of Türkiye (CBRT) and the Saudi Arabian Monetary Authority (SAMA) have signed a memorandum of understanding (MoU) to enhance cooperation between the two central banks.

The agreement, signed by CBRT Governor Fatih Karahan and SAMA Governor Ayman M. Al-Sayari, aims to strengthen collaboration in areas such as financial stability and financial technologies.

"Under this MoU, we plan to deepen our cooperation and undertake technical work within the institutional framework of central banking," SAMA said in a statement.

The signing of a memorandum of understanding between the Central Bank of the Republic of Türkiye (CBRT) and the Saudi Arabian Monetary Authority (SAMA) marks a significant step in strengthening economic ties between the two countries. This agreement, focusing on financial stability and financial technologies, could potentially lead to increased trade, investment, and cooperation in various economic sectors.

By working together, the two central banks can share expertise, best practices, and resources to address common challenges and promote economic growth in both Türkiye and Saudi Arabia. (ILKHA)