AKIPRESS.COM - The Central Bank of the UAE on Sunday announced the signing of a Memorandum of Understanding (MoU), with the National Bank of Kazakhstan, the Central Asian country’s central bank, on cooperation and exchange of regulatory information.

The agreement puts in place a mechanism for cooperation between the two banks on regulatory matters, supervision of banks and other financial institutions operating in both jurisdictions.

The mechanism also covers the exchange of supervisory information in line with local laws of each jurisdiction and within the Bank for International Settlements and home/host country’s supervisory authorities, and information sharing, which would contribute to the enhancement of the financial system in the UAE and the Republic of Kazakhstan.