Afghan, UAE Central Banks sign MoUs to boost cooperation

The Central Bank of the United Arab Emirates (UAE) signed a Memorandum of Understanding (MoU) with the Central Bank of Afghanistan, Da Afghanistan Bank (DAB), aimed at boosting cooperation.

The agreement involves training and technical assistance to DAB’s employees and cooperation on regulatory matters and supervision of banks and other financial institutions operating in jurisdictions and exchange of supervisory information.

” This [Agreement] will be in line with local laws of each jurisdiction and within the Bank for International Settlements, Home-Host country’s supervisory authorities and information sharing, which would contribute to the realization of a sound financial system in the UAE and the Republic of Afghanistan,” says a statement of the UAE central Bank.

The agreement was signed between Mubarak Rashed Al Mansoori, Governor of UAE Central Bank, and Khan Afzal Hadawal, First Deputy and Acting Governor of the Afghanistan Central Bank.

Addressing the signing ceremony, Al Mansoor emphasized the need for cooperation and coordination with supervisory and monetary authorities to ensure the stability of the financial system.

On his part, Hadawal regarded the MoU as an important stride towards enhancing relationship with UAE that is witnessing an increasing level of financial businesses.

“I am delighted to sign this Memorandum of Understanding with the Central Bank of the UAE. It is a very important addition to the existing MoUs established between the Bank and other regulators around the world and reflects the Bank’s commitment to cross-border regulatory co-operation,” said Hadawal.

The MoU was signed to emphasize the importance that Central Bank of the UAE attaches to the subject of banking cooperation with international supervisory and monetary authorities.