KARACHI: State Bank of Pakistan (SBP) has signed a Memorandum of Understanding (MoU) on bilateral central banking cooperation with the Central Bank of the Russian Federation (CBRF).

It was signed by the Governor, SBP Tariq Bajwa during his first ever visit to Moscow on January 15, said a statement of SBP issued here on Monday.

The document was signed by the Governor SBP and Governor CBRF Ms. Elvira Nabiullina, in a ceremony held at the CBRF Headquarters. The event was also attended by the Pakistan's Ambassador to Russia, Qazi Muhammad Khalilullah. SBP's delegate also included Syed Irfan Ali, Executive Director Banking Policy & Regulations Group and Muhammad Ali Malik, Executive Director Financial Markets & Reserve Management.

The MoU aims at promoting cooperation between the two authorities primarily in disciplines of financial systems development, payment systems & financial infrastructure and financial institutions supervision.

SBP has been quite active on international cooperation's front; especially during the last two years or so. This is the twentieth (20th) MoU that SBP has signed so far, it added.