Cyprus and Armenia Central Banks sign MOU

The Central Banks of Cyprus and Armenia signed here Thursday a memorandum of understanding on April 13 during the visit to Cyprus of the governor of the Central Bank of Armenia, Tigran Sargsyan.

The “Memorandum of Understanding” will promote exchange of information between the two supervisory authorities in order to help the supervision of cross-border establishments and to ensure the sound functioning of credit institutions in their respective countries.

The Central Bank of Cyprus has already signed “Memoranda of Understanding” with other Central Banks of countries whose banks already have or may have, in the immediate future, a physical presence in Cyprus.

These include 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, the Bank of Greece and the Banque du Liban.

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