CBJ signs MoU with Central Bank of UAE

AMMAN — The Central Bank of Jordan (CBJ) and the Central Bank of the UAE (CBUAE) on Tuesday signed a joint memorandum of understanding to enhance mutual relations in the financial and banking fields.

The memo was signed by CBJ Governor Adel Sharkas and CBUAE Governor  Khaled  Balama on the sidelines of a panel discussion attended by Governor of the Central Bank of Egypt Tarek Amer and in the presence of a number of senior executives from the three central banks, the Jordan News Agency, Petra, reported.

The memo identifies cooperation mechanisms and information exchange to ease the CBJ and the CBUAE’s supervising and monitoring operations, as well as to enhance their roles in financial stability.

Highlighting the importance of the new agreement, Sharkas said that the memo is part of the two sides' efforts to create a comprehensive supervisory framework for financial and banking services to enhance efficiency and financial stability amid digital transformation, which will help ease transactions between both countries. 

Balama drew attention to the importance of bolstering cooperation in various financial and banking fields to achieve the objectives of sustainable development, noting that signing the memo with the CBJ could help in exploring further avenues of cooperation, the Jordan News Agency, Petra, reported. 

During the meeting, means of advancing cooperation in the fields of finance, banking and modern financial technologies (FinTech) were highlighted, as the three countries signed the Industrial Partnership for Sustainable Economic Growth in May.