Central Bank Leaders of Turkic States Gather Under Tokayev's Presidency for a Pivotal Meeting
Astana, May 27: President Kassym-Jomart Tokayev spearheaded the initial meeting of the Council of Central Banks of the Organization of Turkic States (OTS) in Astana, according to Akorda.
In his opening remarks, Tokayev underscored the significance of enhancing relationships amongst OTS member states in the face of economic transformations prompted by altering tariff policies worldwide. He stressed the need for synchronized actions in key sectors such as transportation, agriculture, digitalization, and finance to address these changes effectively.
Recalling the outcomes of the recent informal OTS summit in Hungary, Tokayev reaffirmed the leaders' commitment to closer cooperation. He expressed optimism that increased dialogue between central banks would lay a solid foundation for tapping the economic potential of the Turkic world.
Tokayev pointed out the expanding global economic influence of OTS countries, explaining that their combined share of global GDP has grown from 2.4% in 2010 to 3.1%. He also mentioned that the gradual increase in international reserves among OTS states showcases strengthening macroeconomic resilience across the region.
The president further highlighted the potential role of financial collaboration in fostering broader economic and investment partnerships. He expressed confidence that central banks could drive such efforts effectively.
Tokayev praised the focus of the newly established Council on relevant issues, such as monetary policy, financial technology, and the development of digital currencies and assets. Notably, Kazakhstan has made significant strides in this area, with cashless transactions accounting for 85% of all transactions in the country. The National Bank also pioneered the introduction of a central bank digital currency (CBDC), the digital tenge.
Moving forward, Kazakhstan plans to enforce new regulations to ensure secure digital asset usage, including cryptocurrencies, stablecoins, and tokenized financial instruments.
The council's first meeting brought together key financial figures from across the region, including Timur Suleimenov, Chairman of the National Bank of Kazakhstan, Taleh Tahir oghlu Kazimov, Chairman of the Central Bank of Azerbaijan, Melis Turgunbaev, Chairman of the National Bank of the Kyrgyz Republic, Fatih Karahan, Governor of the Central Bank of Türkiye, Timur Ishmetov, Chairman of the Central Bank of Uzbekistan, and Gábor Soós, Executive Director of the Central Bank of Hungary.
The formation of the Council of Turkic Central Banks signifies an effort to deepen financial cooperation among OTS member countries, providing a permanent platform for policy dialogue and coordination on monetary policy, financial stability, digital payment systems, and central bank digital currency initiatives.
In the context of enhancing economic ties within the Organization of Turkic States (OTS), President Kassym-Jomart Tokayev emphasized the importance of strategic sector collaborations, specifically mentioning finance, to tackle economic transformations caused by global tariff policies. He opined that central banks, being major players, could drive financial cooperation, thereby fostering broader economic and investment partnerships among OTS member countries.
