PHNOM PENH, Feb. 19 (Xinhua) -- The National Bank of Cambodia (NBC) and the Central Bank of Madagascar have signed a Memorandum of Understanding (MoU) on cooperation between the two central banks, said an NBC news release on Wednesday.

The deal was inked between NBC Governor Chea Serey and visiting Central Bank of Madagascar's Governor Aivo Andrianarivelo in Phnom Penh on Tuesday.

Serey extended a warm welcome to Andrianarivelo, who expressed his desire to understand the NBC's operating systems, most notably the Bakong payment system.

Serey said the exceptional development of the Bakong system and the establishment of cross-border payment connectivity have led many countries to visit and garner knowledge regarding the implementation of the systems.

Serey also expressed her expectations of future cross-border payment system connections with Madagascar.

Andrianarivelo praised the development of the Cambodian economy and banking system, especially the payment system and the accumulation of international reserves.

He also expressed optimism for the cooperation with the NBC, which will bring mutual economic and social benefits.