A Memorandum of Understanding was signed between the National Bank of Georgia and the People’s Bank of China to expand and strengthen bilateral cooperation.

According to the National Bank of Georgia (NBG), the agreement was signed by Natia Turnava, NBG President and Pan Gongsheng, President of the People’s Bank of China.

The memorandum with the People’s Bank of China was inked within the framework of the visit of the NBG delegation to China led by Natia Turnava.

The memorandum of understanding envisages close cooperation to address common challenges in the global financial environment, reduce systemic risks, promote trade and business relations between the two countries, and strengthen financial stability.

During her visit to the People’s Bank of China, Natia Turnava emphasized the importance of growing cooperation in the financial sector between the People’s Republic of China and Georgia and expressed hope that in the future, an active partnership between the central banks will be fruitful for both countries.

“Our joint task is to make the banking sectors of the two countries more efficient and closer. We plan to make the Georgian financial market more attractive for Chinese banks and representatives of the Chinese financial sector. It is welcome that the Chinese side has expressed great interest and desire for close cooperation with us,” said Natia Turnava.

Under the memorandum, the parties agree to cooperate in the field of monetary policy between the central banks of the two countries, as well as to share information and experience in the areas of financial technologies, payment systems and securities market development.

In addition, within the framework of the cooperation, the NBG and the People’s Bank of China will implement joint projects and promote the development of banking services between the two countries. Within the framework of the mandate, they will cooperate on the development and modernization of payment infrastructure, where special attention will be paid to increasing the interconnection of payment systems in order to facilitate fast, efficient and secure international transactions.