Central Banks Bilateral Relations

The Central Bank maintains bilateral relations with central banks and monetary authorities of other countries to play an active role in the international arena. In this framework, the Central Bank has signed memorandums of understanding with other central banks covering both technical cooperation and specific issues, and engages in activities such as the mutual exchange of information and expertise, as well as high-level policy dialogue activities. 

The Bank signed the first memorandum of understanding in 2010 as part of a drive to formalize its bilateral relations with other central banks. So far, the Bank has signed a total of 50 memorandums of understanding with 48 central banks from different regions of the world, particularly those in the nearby geography with whom Türkiye has cultural and historical ties. Four of these agreements in question relate to the technical areas; these are the “Memorandum of Understanding on the Establishing Renminbi Clearing Arrangements” signed with the People’s Bank of China, the “Memorandum of Understanding on Promoting the Use of Local Currencies (TRY-AED)” and the “Memorandum of Understanding on the Interconnection of Payment and Messaging Systems” signed with the Central Bank of the United Arab Emirates, and the “Memorandum of Understanding on Cooperation in Financial Technologies” signed with Hong Kong Monetary Authority. The remaining 46 agreements were signed within the framework of technical cooperation. These memorandums of understanding are intended to introduce new and enhanced cooperation, ensure continued and regular communication among central banks, and develop an understanding of cooperation based on exchange of information and experience in the field of central banking.

Memorandums of Understanding Signed with Other Central Banks