The Central Bank of the UAE (CBUAE) and the National Bank of the Republic of Belarus (NBRB) have signed the Memorandum of Understanding (MoU) to establish an arrangement for sharing of supervisory information and enhancing of cooperation in the area of banking supervision. The MoU was signed by H.E Mohammed Ali bin Zayed, Deputy Governor of CBUAE and H.E Dmitry Lapko, Deputy Chairman of the Board of the NBRB.
The MoU sets out an agreement for the two parties to cooperate closely in the sphere of supervision of banks and other financial institutions operating in both markets and exchange of supervisory information, based on the home/host information sharing in accordance with Basel Core Principles for Effective Banking Supervision.
Mohammed Ali bin Zayed, Deputy Governor of CBUAE said: “We welcome increased cooperation between our two institutions to support the growing financial sector activity between the two countries, with particular focus on capacity building and exchange of information. Indeed, increasing level of financial business is already witnessed with the UAE becoming a vibrant financial centre; hence cooperation between home-host jurisdiction for effective and efficient banking supervision needs to be enhanced. Our two institutions have had a developed association for some time and regular cause for dialogue. The MoU will serve to enhance this relationship.”
In addition, two Banks have also agreed to collaborate in training and technical assistance to enhance the professional skills of the Banks’ staff. Other forms of technical assistance concerning banking and financial practices, e.g. specific technical issues relevant to the responsibilities of the Parties, may also be exchanged.