Productive and mutually beneficial cooperation has been established between the National Bank of Kazakhstan (NBK) and the Central Bank of Azerbaijan (CBA), Azernews reports, citing Trend.

The source underlined a regular exchange of expertise on contemporary topics concerning central bank activities within the context of bilateral and international contacts.

"To strengthen cooperation in 2023 between the National Bank of Kazakhstan and the Central Bank of Azerbaijan, a memorandum of understanding was signed," emphasized the source.

The source said that the memorandum aims to facilitate collaboration and the exchange of experience and information in the fields of monetary and credit policy, the financial sector, payment systems, financial technologies, and other areas of interest to both countries and organizations.

Azerbaijan is a key trade and economic partner of Kazakhstan in the South Caucasus.

The gross inflow of foreign direct investment from Azerbaijan to Kazakhstan was $1.2 million in the first half of 2023. The majority of Azerbaijani investments in Kazakhstan are concentrated on the energy sector, primarily the oil and gas industry.

From January to September 2023, Kazakhstan-Azerbaijan trade turnover was $417.4 million. This figure is a record when compared to prior years, and it is 31.9 percent more than the indication for the first nine months of 2022 ($316.4 million).