Banque du Liban and Central Bank of Cyprus sign MOU

The Banque du Liban and the Central Bank of Cyprus have signed a ‘Memorandum of Understanding’ expressing their mutual interest and willingness in establishing and promoting bilateral ties in supervising credit institutions, a Central Bank of Cyprus press release said.

The “Memorandum of Understanding” was signed on behalf of the Banque du Liban by its Governor Riad Toufic Salame and on behalf of the Central Bank of Cyprus by its Governor Christodoulos Christodoulou.

The “Memorandum of Understanding” defines a general framework of mutual co-operation and exchange of information between the two Banks, with a view of facilitating co-operation for effective consolidated supervision of cross-border establishments and performance of their respective duties for the safe and sound functioning of credit institutions in their respective countries, in accordance with their respective laws and regulations. Currently, eight Lebanese banks operate from within Cyprus in the form of branches.

The press release said the Central Bank of Cyprus pursues an active policy of signing “Memoranda of Understanding” for co-operation and exchange of information, in the fields of its competence, with respective overseas authorities.

It added that in the field of banking supervision the Central Bank of Cyprus has signed “Memoranda of Understanding” with the Central Banks of countries whose banks already have or may have, in the immediate future, a presence in Cyprus.

“Memoranda of Understanding” in this field have already been signed with the Central Bank of the Russian Federation, the Bulgarian National Bank, the National Bank of Ukraine, the National Bank of the Republic of Belarus, the National Bank of Yugoslavia, the National Bank of Romania, the Financial and Capital Market Commission of the Republic of Latvia, the National Bank of Slovakia, the Bank of Tanzania, the Central Bank of Jordan and the Bank of Greece.

Moreover, negotiations are currently being carried out with another ten overseas banking supervisory authorities for the signing of similar documents.