A memorandum of understanding was signed between the Central Bank of the Republic of Turkey (CBRT) and Azerbaijan's central bank on Friday.

Under the deal, the two central banks aspire to carry out activities to foster cooperation in the field of central banking, according to a written statement by the CBRT.

Turkey’s relations with Azerbaijan are multifaceted and at a strategic level. To further strengthen bilateral relations, a High-Level Strategic Cooperation Council mechanism was established in 2010 at the presidential level.

The cooperation between Ankara and Baku covers many fields from military cooperation and defense industry deals to energy and trade.