UAE and Mauritius Sign Agreement to Enhance Central Bank Co-Operation

  • 0

The Central Bank of the UAE (CBUAE) and the Bank of Mauritius (BoM) signed a Memorandum of Understanding (MoU) to enhance cooperation in key areas of central banking and to share supervisory information.

The MoU covers four activities – cooperation on supervision, the exchange of supervisory information, developing aspects of financial issues of common concern, and cooperation on capacity building, training and technical assistance.

The MoU was signed by Khaled Mohamed Balama, Governor of the CBUAE, and Harvesh Kumar Seegolam, Governor of the Bank of Mauritius.

“We are keen to strengthen cooperation with our regional partners, including Bank of Mauritius to achieve common goals in enhancing banking supervision and exchanging the necessary information on other financial and banking fields to advance the interests of both parties to protect our financial systems,” said Mohamed Balama, Governor of the CBUAE.

Under this agreement, the CBUAE and BoM will exchange information during licensing processes and ongoing supervision of banks and other financial institutions operating in both countries in an effort to ensure adequate cross-border control, while maintaining complete information confidentiality.

Both parties will also share experience on the stability and development of financial systems, the performance and development of payments systems, clearing and settlement systems, anti-money laundering and combatting the financing of terrorism and proliferation, cyber-security and digital innovation in financial services. This includes digital currencies, Fintech regulation, private and digital banking, green finance, Regtech and Suptech, which will contribute to achieving the two countries’ common interests.

AfDB Acquires $15.6 Billion For Lagos-Abidjan Highway Corridor
Prev Post AfDB Acquires $15.6 Billion For Lagos-Abidjan Highway Corridor
AU And US In Partnership for Vaccine Manufacturing in Africa
Next Post AU And US In Partnership for Vaccine Manufacturing in Africa