The UAE Central Bank has announced that ties between the UAE and Turkey have been further bolstered with the signing of a Memorandum of Understanding with the Banking Regulation and Supervision Agency of Turkey (BRSAT) on February 16.
The agreement was signed by Governor of the UAE Central Bank, Sultan Bin Nasser Al Suwaidi and Chairman of the BRSAT, Tevfik Bilgin. The Minister of Industry and Trade of Turkey and the Governor of the Turkish Central Bank were also present at the meeting.
“This Memorandum of Understanding, between the Central Bank of the UAE and the Banking Regulation and Supervision Agency of Turkey, creates a mechanism to cooperate in regulatory matters and supervision of banks and other financial institutions operating in the respective countries.”
“It allows for the exchange of supervisory information which will contribute to the realisation of a sound financial system in the UAE and Turkey,” read the Central Bank’s statement.
“Within legislation adopted within the MoU, the two parties have agreed to ongoing supervision of banks and other financial institutions, to the extent permissible under the prevailing laws,” concluded the statement.
Another agreement was signed during the Turkish Industry and Trade Minister's visit to the UAE for the creation of a Turkish-Arab Cooperation Forum, to create dialogue between the two countries on enhancing diplomatic, economic and cooperative relationships.
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