The Central Bank of Cyprus and the Central Βank of Jordan have signed today a “Memorandum of Understanding” on mutual co-operation and exchange of information in the field of banking supervision. The Central Bank of Jordan is the competent authority for the regulation and supervision of the banking sector in Jordan. The Central Bank of Cyprus, in addition to being the country’s monetary authority, is also the banking supervisory / regulatory authority as well as the licensing and regulatory authority for International Collective Investment Schemes their Managers and their Trustees under the International Collective Investment Schemes Law of 1999.
The “Memorandum of Understanding” has been signed on behalf of the Central Bank of Cyprus by its Governor Mr. Christodoulos Christodoulou and on behalf of the Central Bank of Jordan by its Governor Mr. Umayya Toukan.
The “Memorandum of Understanding” establishes a general framework of mutual co-operation and exchange of information between the two authorities 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 organisations in their respective countries, in accordance with their respective laws and regulations. The signing of the “Memorandum of Understanding” with the Central Bank of Jordan became necessary because of the presence in Cyprus, in the form of branches, of four banks incorporated in Jordan.
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.
In the field of banking supervision “Memoranda of Understanding” have been signed 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 and the Bank of Tanzania. Moreover, negotiations are currently being carried out with another eleven overseas banking supervisory authorities for the signing of similar documents.