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The Central Bank of Egypt and the Central Bank of the Emirates sign a memorandum of understanding to enhance cooperation in the field of supervision

The Central Bank of Egypt signed a memorandum of understanding with the Central Bank of the United Arab Emirates with the aim of strengthening joint supervision between them. The memorandum of understanding defines mechanisms for exchanging information to facilitate the performance of their supervisory tasks and their role in ensuring financial stability.

Under the memorandum of understanding, the two parties will define mechanisms for cooperation and exchange of information in the field of licensing, the ownership structure of licensed financial institutions, licensing acquisitions, and inspection of licensed financial institutions.

The two central banks also agreed to consult each other before authorizing either country to establish a local cross-border bank in the other country, and to inform each other of any significant changes in the regulatory requirements of the jurisdictions of the two countries.

On the other hand, it was agreed to cooperate in carrying out their tasks to counter money laundering and combat the financing of terrorism by the licensed financial institutions under their supervision. The memorandum of understanding also stipulated the confidentiality of requests and information exchanged between the two parties.

The Central Bank of Egypt stated that "Egypt is keen to strengthen the bonds of partnership with the Arab brothers, which will reflect on the interests of their peoples and achieve the goals of joint economic development, and the memorandum signed with the Central Bank of the United Arab Emirates will achieve the desired cooperation between the two central banks and strengthen the strong relationship between the two countries." ".

Commenting on the signing, Khalid Mohammed Balama, Governor of the Central Bank of the UAE, said: “Signing the memorandum of understanding with the Central Bank of Egypt will enhance our compliance with international best practices in supervising cross-border banking operations, and this agreement comes at the right time, given the strong relationships between our systems. finances and economies of both countries.