Qatar and Cyprus Central banks sign accord

The Qatar Central Bank 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, signed last month a Memorandum of Understanding. The Qatar Central Bank is the competent authority for the licensing and supervision of credit institutions operating in Qatar. The Central Bank of Cyprus, in addition to being the country’s monetary authority, is also Cyprus’s licensing as well as banking supervisory authority.
The Memorandum of Understanding was signed on behalf of the Central Bank of Cyprus by its Governor Athanasios Orphanides and on behalf of the Qatar Central Bank, by its Deputy Governor Sheikh Fahad Bin Faisal Al-Thani.
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.
In the field of banking supervision, the Central Bank of Cyprus has already signed Memoranda of Understanding with the Estonian Financial Supervision Authority, the National Bank of Kyrgyz Republic, the Austrian Financial Market Authority, 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 and the Malta Financial Services Authority. Moreover, negotiations are currently being carried out with other overseas banking supervisory authorities for the signing of similar documents.