The Central Bank of Cyprus and the Bank of Tanzania have signed today a “Memorandum of Understanding” on mutual co-operation and exchange of information in the field of banking supervision. The Bank of Tanzania is the competent authority for the regulation and supervision of the banking sector in Tanzania. 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 Bank of Tanzania by its Governor Mr. Daudi T.S. Ballali who is visiting Cyprus.
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 Bank of Tanzania became necessary because of the presence in Cyprus, in the form of a branch, of a bank incorporated in Tanzania.
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 and the National Bank of Slovakia. Moreover, negotiations are currently being carried out with another twelve overseas banking supervisory authorities for the signing of similar documents.