‘Council of Central Banks of OTS Member States’ to be established

The Central Bank of the Republic of Türkiye has announced the signing of a memorandum to establish the “Council of Central Banks of Organization of Turkic Member States (OTS).”

The agreement was finalized during the first day of 11th OTS Summit on November 6–7 in Bishkek, the capital of Kyrgyzstan. The central banks of member states—Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, and Türkiye—have agreed to create this council, with the goal of strengthening collaboration in areas such as monetary policy, financial stability, payment systems, and financial technology. The memorandum was signed by the presidents of each member state’s central bank.

The initiative to form this council was first proposed by Nurlan Baibazarov, Kazakhstan’s Deputy Prime Minister and Minister of National Economy, at a previous summit on October 18. Baibazarov highlighted that the council aims to promote cooperation among member countries’ central banks by facilitating shared expertise and addressing mutual challenges.

The Organization of Turkic States, formerly the Cooperation Council of Turkic-Speaking States, was founded on October 3, 2009. In 2021, it was rebranded as the Organization of Turkic States and now includes five full members—Azerbaijan, Kazakhstan, Kyrgyzstan, Türkiye, and Uzbekistan—along with two observer states, Hungary and Turkmenistan.