MAS signs MOU with Bahrain's Central Bank

The Monetary Authority of Singapore today signed a Memorandum of Understanding (MOU) with the Central Bank of Bahrain.

The MOU provides a formal basis for supervisory cooperation and mutual support between CBB and MAS. It paves the way for sharing of information between the two central banks to strengthen the supervision of cross-border operations of financial institutions under their regulation. The MOU will also facilitate staff training and technical assistance between CBB and MAS.

The MOU was signed by H.E. Rasheed M. Al Maraj, Governor of CBB and H.E. Heng Swee Keat, Managing Director of MAS.

H.E. Al Maraj said, “This MOU represents our ongoing commitment with the Monetary Authority of Singapore, we look forward to continue our relationship based on mutual efforts and cooperation for the benefit of both countries".

Mr Heng said that the MOU is an important milestone in the cooperation between both institutions and will work to deepen ties.

The agreement took place at the 16th World Islamic Banking Conference (WIBC) in Bahrain.