Abu Dhabi : The Central Bank of the UAE (CBUAE) and the Central Bank of Iraq (CBI) signed a Memorandum of Understanding (MoU) on 12 December 2021, to enhance co-operation on banking supervision matters.
The MoU covers three main areas, including control and supervisory issues, the exchange of supervisory information, and strengthening bilateral co-operation on training workers and upgrading the professional skills of both parties, in addition to technical assistance and knowledge exchanges.
The MoU was signed by His Excellency Khaled Mohamed Balama, Governor of the CBUAE, and His Excellency Mustafa Ghaleb Mukheef, Governor of the CBI.
Under this agreement, the Central Banks of the UAE and Iraq will exchange information and communications during licensing processes and on-going supervision of banks and other financial institutions operating in both countries, in an effort to ensure effective cross-border supervision, while maintaining the complete information confidentiality.
Commenting on the MoU signing, H.E. Khaled Mohamed Balama, Governor of the CBUAE, said: “At the CBUAE, we are keen to strengthen co-operation with our counterparts in the CBI to achieve common goals in enhancing banking supervision, and exchange the necessary information to advance the interests of both parties to protect our financial systems."
H.E. Mustafa Ghaleb Mukheef, Governor of the CBI said: “We believe that the time has come to raise the level of financial and banking relations between the two countries in proportion to the volume of trade and investments between us, as well as to enhance joint co-operation to address the challenges facing the banking sector”.
-Ends-
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
