The Central Bank of Cyprus and the Central Βank of Jordan have signed a Memorandum of Understanding (MoU) on mutual co-operation and exchange of information in the field of banking supervision.
The MoU establishes a general framework with a view of facilitating cooperation for effective consolidated supervision of cross-border establishments and performance of their respective duties for the safe and sound functioning of credit organizations in their respective countries, in accordance with their respective laws and regulations, stated a press release.
The signing of the MoU became necessary because of the presence of Jordanian bank branches in Cyprus. Cyprus has also signed MoU’s with the Central Bank of the Russian Federation, the Bulgarian National Bank, the National Bank of Ukraine and the National Bank of Romania, among others. Negotiations are currently being carried out with another eleven overseas banking supervisory authorities for the signing of similar documents. — (menareport.com)
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