Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    German-Australian hydrogen supply chain investment of $90 million

    January 28, 2023

    Feds say Florida nursing schools sold 7,600 fake diplomas

    January 28, 2023

    Pakistan economy in danger of collapsing due to loan defaults

    January 27, 2023
    Facebook Twitter Instagram
    • Home
    • Contact Us
    Arab WordsmithArab Wordsmith
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    Arab WordsmithArab Wordsmith
    Home » CBUAE and CBE sign MoU to establish cooperation
    Business

    CBUAE and CBE sign MoU to establish cooperation

    June 11, 2021
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    The Central Bank of the UAE (CBUAE) has signed a Memorandum of Understanding (MoU) with the Central Bank of Egypt (CBE) to strengthen supervisory cooperation. The MoU outlines the mechanisms of information exchange to facilitate the performance of their supervisory and financial stability mandates.
    CBUAE and CBE sign MoU to establish cooperation

    The MoU establishes the cooperation mechanisms on licensing, the ownership structure of Licensed Financial Institutions (LFIs), authorization of acquisitions, examinations of LFIs, information exchange and the necessary approvals for licensing requests. Central banks will inform each other of any significant changes in the regulatory requirements of their jurisdictions.

    The banks have also agreed to cooperate in executing their mandates to prevent money laundering and the financing of terrorism by LFIs under their supervision. The MoU also stipulates the confidentiality of requests and information exchanged between both parties.
    Commenting on the signing, Khaled Mohamed Balama, Governor of the CBUAE, said, “The signing of the MoU with the Central Bank of Egypt will allow us to comply with best international practices in supervising cross-border banking operations. This agreement comes in the right time, given the deepening ties between our financial systems and our economies.”
    In turn, Tarek Amer, Governor of Egypt Central Bank, stated that Egypt is keen to strengthen collaboration with Arab nations, in a manner that reflects on the welfares of its people and achieves the goals of mutual economic development. The memorandum signed with the UAE Central Bank will accomplish the coveted cooperation and strengthen the robust relationship between the two countries, he added.
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    German-Australian hydrogen supply chain investment of $90 million

    January 28, 2023

    Global growth will slow to 1.9 percent in 2023, warn UN economists

    January 26, 2023

    Modi-Sisi sign MoUs to boost Indian-Egyptian trade to $12 billion

    January 26, 2023

    Google is planning to lay off 12,000 employees

    January 20, 2023
    Latest News

    German-Australian hydrogen supply chain investment of $90 million

    January 28, 2023

    Feds say Florida nursing schools sold 7,600 fake diplomas

    January 28, 2023

    Pakistan economy in danger of collapsing due to loan defaults

    January 27, 2023

    Global growth will slow to 1.9 percent in 2023, warn UN economists

    January 26, 2023

    Modi-Sisi sign MoUs to boost Indian-Egyptian trade to $12 billion

    January 26, 2023

    OPEC fund loans $120 million to Panama to tackle climate change

    January 26, 2023
    © 2022 Arab Wordsmith | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.