UAE - Mubasher: The Central Bank of the UAE (CBUAE) has inked a Memorandum of Understanding (MoU) with the Central Bank of Egypt (CBE) to promote supervisory cooperation and facilitate financial stability mandates.

Under the MoU, the two central banks outline the cooperation mechanisms on licensing, the ownership structure of licensed financial institutions (LFIs), authorisation of acquisitions, information exchange, and the necessary approvals for licensing requests, according to a press release on Thursday.

The CBUAE and CBE will also coordinate in implementing their mandates to prevent money laundering and the financing of terrorism by LFIs under their supervision.

Commenting on the agreement, the Governor of the CBUAE, Khaled Mohamed Balama, said: "The signing of the MoU with the Central Bank of Egypt will allow us to comply with best international practices in supervising cross-border banking operations."

Meanwhile, the Governor of the Central Bank of Egypt, Tarek Amer, remarked: "The memorandum signed with the Central Bank of the United Arab Emirates will accomplish the coveted cooperation between the two central banks and strengthen the robust relationship between the two countries."