The Central Bank of the Republic of Turkey (CBRT) signed Friday a memorandum of understanding with the National Bank of Ukraine (NBU).

The signing of the memorandum is aimed at developing bilateral economic and financial relations between Turkey and Ukraine.

The CBRT previously signed 19 memorandums of understanding (MoUs) with national central banks across the world. The agreement signed with Ukraine was the 20th one.

The MoUs are aimed at developing cooperation based on shared knowledge and experience in the field of central banking and financial regulation. Events such as joint training programs, conferences, seminars, workshops between the CBRT and the NBU will be organized under the agreement.

A deal between Turkey and Ukraine allowing their citizens to travel to each other's countries without passports entered into force Thursday. Under the deal, citizens of both countries will only need to present their national ID cards for stays of up to 90 days.