Turkic states on Wednesday signed a memorandum of understanding (MoU) to establish the Council of Central Banks.

The MoU was sealed as part of the 11th Summit of the Organization of Turkic States (OTS) held in Kyrgyzstan's capital Bishkek.

The signatories were governors of the central banks of Türkiye, Azerbaijan, Kazakhstan, Kyrgyzstan and Uzbekistan.

"A Memorandum of Understanding on the establishment of the Council of Central (National) Banks of the Member States of the Organization of Turkic States was signed on November 6, 2024," the Central Bank of the Republic of Türkiye (CBRT) said in a statement.

President Recep Tayyip Erdoğan and top Turkish officials from culture to trade and energy minister traveled to Bishkek for the 11th Summit of OTS this week.

The OTS, with Türkiye, Azerbaijan, Kazakhstan, Kyrgyzstan and Uzbekistan as full members as well as Hungary, the Turkish Republic of Northern Cyprus (TRNC) and Turkmenistan as observers, focuses on enhancing cooperation in areas such as trade, politics, culture and security.

Since its establishment, the OTS has played a pivotal role in promoting regional collaboration and shared cultural heritage. The organization has made significant strides in boosting trade between member states, supporting infrastructure projects, and advancing cultural initiatives to preserve Turkic identity.