The Central Bank of the Republic of Armenia and the Central Bank of Cyprus, expressing their mutual interest and willingness in establishing and promoting bilateral ties in supervising credit institutions, signed today in Nicosia a “Memorandum of Understanding”. The Central Bank of the Republic of Armenia is the competent authority for the regulation and supervision of the banking sector in Armenia. The Central Bank of Cyprus, in addition to being the country’s monetary authority, is also Cyprus’s banking supervisory as well as licensing authority.
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 the Republic of Armenia by its Governor Mr. Tigran Sargsyan.
The “Memorandum of Understanding” defines a general framework of mutual co-operation and exchange of information between the two supervisory authorities with a view of facilitating the consolidated supervision of cross-border establishments and ensuring the safe and sound functioning 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 co-operation and exchange of information 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. “Memoranda of Understanding” 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, the Bank of Tanzania, the Central Bank of Jordan, the Bank of Greece and the Banque du Liban. Moreover, negotiations are currently being carried out with another ten overseas banking supervisory authorities for the signing of similar documents.