UAE Central Bank, National Bank of Belarus sign MoU

(Abu Dhabi) – The Central Bank of the UAE, CBUAE, and the National Bank of the Republic of Belarus, NBRB, have signed a Memorandum of Understanding to establish an arrangement for sharing of supervisory information and enhancing of cooperation in the area of banking supervision.

The Memorandum of Understanding, MoU, was signed by Mohammed Ali bin Zayed, Deputy Governor of CBUAE and Dmitry Lapko, Deputy Chairman of the Board of 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 said, “We welcome increased cooperation between our two institutions to support the growing financial sector activity between the two countries, with a particular focus on capacity building and exchange of information. Indeed, an increasing level of financial business is already being witnessed with the UAE becoming a vibrant financial centre. Therefore, 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, the two banks have also agreed to collaborate with regard to training and technical assistance to enhance the professional skills of the staff. Other forms of technical assistance concerning banking and financial practices, such as specific technical issues relevant to the responsibilities of both banks, may also be exchanged.