An association of central banks of the OTS is being created
High-ranking officials from the central banks of Kyrgyzstan, Azerbaijan, Kazakhstan, Turkey, and Uzbekistan signed a memorandum to establish a Council of Central Banks at the 11th Organization of Turkic States (OTS) summit in Bishkek. The council aims to strengthen collaboration on monetary policy, financial stability, and technology development, according to a statement from OTG Secretary General Kubanychbek Omuraliev.
The council's founding members, including Kyrgyz National Bank Chairman Melis Turgunbayev, outlined objectives such as joint research, experience sharing in monetary policy, and the development of payment systems and financial technologies.
Alongside the council's formation, Omuraliev announced the launch of a $500 million Turkic Investment Fund (TIF), designed to spur economic cooperation and trade among OTS member countries. The fund’s initiatives target the expansion of small and medium-sized enterprises (SMEs) across sectors, providing critical support for employment and economic growth.
“The fund will prioritize projects in agribusiness, including agricultural parks and food industry ventures, essential for food security and rural development,” said Omuraliev. He added that the TIF would also back transport infrastructure upgrades, energy-efficient technology projects, and renewable energy sources to foster a "green economy" among Turkic nations.
The TIF’s scope extends to high-tech industries, where proposed projects focus on radiopharmaceutical and semiconductor production, positioning member states for a technological competitive edge. Support for tourism and IT ventures, aimed at enhancing cultural exchange and economic ties, is also on the agenda.
With these strategic initiatives, the Turkic Investment Fund seeks to deepen economic integration and bolster trade among Turkic states, aligning with OTS's vision for regional cohesion and growth.
Economics
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