The National Bank of Kyrgyz Republic and the Central Bank of Cyprus, expressing their mutual interest and willingness in establishing and promoting bilateral ties in the domain of supervision of credit institutions, recently signed a Memorandum of Understanding.  The National Bank of Kyrgyz Republic is the competent authority for the licensing, regulation and supervision of credit institutions operating in Kyrgyz Republic.  The Central Bank of Cyprus is, also, Cyprus’s licensing as well as banking supervisory authority.
The Memorandum of Understanding defines a general framework of mutual cooperation and exchange of information between the two supervisory authorities with a view to facilitating the consolidated supervision of credit institutions with a cross-border establishment in Cyprus and Kyrgyz Republic, respectively, so as to ensure the safe and sound functioning of the said credit institutions.
The Memorandum of Understanding has been signed on behalf of the National Bank of Kyrgyz Republic by its Governor Mr. Marat Alapaev and on behalf of the Central Bank of Cyprus by Mr. Athanasios Orphanides, Governor.
The Central Bank of Cyprus pursues an active policy of signing memoranda of understanding for cooperation and exchange of information in the field of banking supervision with competent overseas authorities.
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 physical presence in Cyprus, as well as with central banks of countries in which Cypriot banks have a physical presence. Memoranda of understanding have already been signed with the following authorities: 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 Serbia, 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, the Banque du Liban, the Central Bank of Armenia, De Nederlandsche Bank N.V., the Jersey Financial Services Commission, the Austrian Financial Market Authority and the Estonian Financial Supervision Authority. Moreover, negotiations are currently being carried out with another five overseas banking supervisory authorities for the signing of similar documents.
