The Central Bank of Cyprus has given further details of the Memorandum of Understanding it concluded in November with the Qatar Central Bank, regarding the supervision of credit institutions. The Qatar Central Bank is the competent authority for the licensing and supervision of credit institutions operating in Qatar.
The Memorandum of Understanding defines a general framework of mutual cooperation and exchange of information between the two supervisory authorities, for the purpose of facilitating the performance of their supervisory function as well as the effective supervision and regulation of credit institutions in their respective countries, in accordance with their national laws and regulations.
The Central Bank of Cyprus pursues an active policy of signing Memoranda of Understanding for cooperation and exchange of information with competent overseas authorities. The agreement with the Qatar Central Bank is the twentieth Memorandum of Understanding it has concluded, and negotiations are in progress with several other overseas banking supervisory authorities for the signing of similar documents.
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