The Central Bank of Uzbekistan has forged partnerships with the Federal Reserve Bank of New York, the regulator's press service reports.
From March 4 to March 7, a delegation from the Central Bank embarked on a visit to the United States. Throughout the trip, they engaged in constructive dialogues with key figures within the New York leadership and other integral divisions of the Federal Reserve System.
The highlight of the visit was the signing of agreements aimed at bolstering financial cooperation. One such agreement entails the establishment of a custodial account at the Federal Reserve Bank of New York. Additionally, a document concerning lending secured by securities was also formalized.
In addition to the signing ceremonies, the Uzbek delegation actively participated in seminars and training sessions hosted by the World Bank Treasury. Central Bank personnel seized the opportunity to gain valuable insights into various aspects of reserve management, including compliance control, risk management, and investment strategies in securities.
The visit also facilitated discussions on expanding cooperation with the World Bank Reserve Management and Consulting Program (RAMP). Deliberations centered on exploring avenues for deeper collaboration and leveraging the expertise of RAMP to enhance Uzbekistan's financial management capabilities.
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