Turkic states back Kazakhstan’s proposal to establish board of central banks

The Turkic states have supported Kazakhstan’s initiative to establish the Board of Central Banks and the Board for Green Finance, according to the Prime Minister’s press office.

The idea was discussed at the 13th meeting of trade and economy ministers from the Organization of Turkic States (OTS), which includes Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey and Uzbekistan, with Hungary and Turkmenistan as observers.

During the meeting, Nurlan Baibazarov, Kazakhstan’s minister of national economy, highlighted that the Turkic Investment Fund established within the OTS will help facilitate the implementation of joint projects and attract capital. Furthermore, Kazakhstan proposed the establishment of two new organizations — a Board of Central Banks and a Board for Green Finance. This idea has already been endorsed by the delegations from the member states.

The next meeting of the Turkic States will be held in Turkestan, where the inauguration of the Turan Special Economic Zone — another Kazakhstan-led initiative supported by all members — is scheduled to take place.

The organization was initially founded in 2009 as the Cooperation Council of Turkic Speaking States. In 2021, it was restructured and renamed the Organization of Turkic States. In the first eight months of 2024, mutual trade between Kazakhstan and OTS member countries totaled $7.2 billion.