UAE’s Central Bank, Afghanistan’s Central Bank sign MoU to enhance cooperation

ABU DHABI, 7th February 2015 (WAM) — The Central Bank of the UAE on Wednesday, 4th February, signed a Memorandum of Understanding (MoU) with the Central Bank of Afghanistan on supervisory co-operation and exchange of information.

Mubarak Rashed Al Mansoori, Governor of Central Bank of the UAE, signed the MoU on behalf of Central Bank of the UAE and Khan Afzal Hadawal, First Deputy and Acting Governor of the Central Bank of Afghanistan, signed the MoU on behalf of the Central Bank of Afghanistan.

This MoU between the Central Bank of the UAE and the Central Bank of Afghanistan is aimed at enhancing cooperation on providing training and technical assistance to the employees of the Central Bank of Afghanistan as well as putting a mechanism to cooperate on regulatory matters, supervision of banks and other financial institutions operating in both jurisdictions and exchange of supervisory information.

In a statement, the UAE’s Central Bank, said that this will be in line with local laws of each jurisdiction and within the Bank for International Settlements, Home-Host country’s supervisory authorities and information sharing, which would contribute to the realisation of a sound financial system in the UAE and the Republic of Afghanistan.

In his opening remarks at the signing ceremony, the governor of the Central Bank of the UAE welcomed the Afghan bank’s delegation.

In a statement, he emphasised the need for cooperation and coordination with supervisory and monetary authorities to ensure the stability of the financial system.

Hadawal said, “I am delighted to sign this Memorandum of Understanding with the Central Bank of the UAE. It is a very important addition to the existing MoUs established between the Bank and other regulators around the world and reflects the Bank’s commitment to cross-border regulatory co-operation. The UAE has become a hugely important financial centre and an area with which we see increasing levels of financial business being undertaken. Our two institutions have had a developed association for some time and regular cause for dialogue. The MoU will serve to enhance this relationship.” The MoU was signed to emphasise the importance that Central Bank of the UAE attaches to the subject of banking cooperation with international supervisory and monetary authorities.

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SOURCE: Wam