THE Bangko Sentral ng Pilipinas (BSP) announced that it has inked a partnership with the National Bank of Kyrgyz Republic (NBKR) to strengthen bilateral relations.
The BSP over the weekend said the two central banks have entered into a Memorandum of Understanding (MOU) on Cooperation in the Field of Central Banking Activities.
The MOU is set to provide an opportunity for the BSP to expand and strengthen bilateral relations with central bank partners in the Central Asia region. The MOU affirms the commitment of both central banks to strengthen cooperation and to establish an arrangement for the exchange of information, capacity building, and research in key areas of central banking, the BSP said.
Through bilateral cooperation, the BSP and NBKR can leverage on each other’s approaches and methodologies in the areas of internal audit, corporate governance, and risk management, among others, it added.
The BSP has been working on several bilateral agreements to expand relations with neighboring countries’ central banks.
Earlier this year, BSP Governor Felipe Medalla said that the BSP is currently working with the Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) in establishing bilateral linkages between Philippines’s InstaPay with Singapore’s PayNow and Malaysia’s DuitNow.
