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CBE, CBUAE pen MoU to promote supervisory cooperation

CBE, CBUAE pen MoU to promote supervisory cooperation

ArabFinance: The Central Bank of Egypt (CBE) signed a memorandum of understanding (MoU) with the Central Bank of the UAE (CBUAE) that aims to enhance joint supervisory cooperation, Al Mal News reported on June 10th.

The MoU comprises the mechanisms of data and information exchange between the two sides for the sake of easing their supervisory duties and facilitating their role in maintaining the financial stability in both countries.

Under the deal, both banks agreed on consulting each other before granting permission for local banks in each country to establish a branch outside the mother country, in addition to informing each other with any critical updates on the regulations and laws concerning banking system operations in each country.

The two sides are expected to collaborate in efforts to fight money laundering and terrorism financing.

The deal stipulates the confidentiality of the exchanged requests and information between the two banks in this respect.

However, the CBE noted that Egypt is willing to enhance its partnership with its Arab brothers, through which it can achieve its joint economic development objectives, adding that the signed MoU aims to reinforce the robust ties between Egypt and the UAE.

 

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