The Central Bank of the Republic of Turkey (CBRT) signed a memorandum of understanding (MoU) with the Central Bank of Turkmenistan, the lender said Tuesday.

"A Memorandum of Understanding was signed between the Central Bank of the Republic of Turkey and the Central Bank of Turkmenistan on Nov. 27, 2021, laying the groundwork for continued cooperation in the field of central banking," the official statement read.

It added that within "the framework of the MoU, the two central banks aspire to carry out activities to foster cooperation in the field of central banking."

The CBRT also signed an MoU with the Central Bank of the United Arab Emirates (UAE) last week.

President Recep Tayyip Erdoğan was recently in Turkmenistan over the weekend to attend the Economic Cooperation Organization (ECO) summit, where the leaders of both countries reiterated their aim to further strengthen relations.

During Erdoğan's visit, Turkey and Turkmenistan signed eight deals.

The agreements are on cooperation between Turkish and Turkmen foreign ministries, central banks, public broadcasters and official news agencies, health and medicine, education and horse breeding.