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Arab FinanceThe Central Bank of Egypt (CBE) has signed a memorandum of understanding with the Dubai Financial Services Authority (DFSA) to strengthen cooperation and facilitate monitoring of their respective markets.
According to a press release issued by the Dubai authorities on Wednesday, quoted by the Middle East News Agency, the memorandum of understanding was signed by the CEO of the United Arab Emirates, Brian Stewart, and the governor of the Egyptian central bank. , Tarek Amer.
Mr. Amer said that the memorandum of understanding would facilitate the exchange of information and oversight functions, as well as the exchange of expertise and training in the field of banking supervision.
He said he would work to improve the banking sector's security system, including ways to combat financial crime, as well as strengthen the unified control of joint ventures and discuss crisis management strategies.
Brian Stewart said: "The purpose of the Memorandum of Understanding is to strengthen cooperation and strengthen relations between the two parties by promoting stable financial services and transparency within each system and to contribute to strengthen investor confidence, "thus confirming the aspiration to work with the Central Bank of Egypt.
The Egyptian Capital Markets Authority was the first external regulator in the UAE to sign a Memorandum of Understanding with the Dubai Financial Services Authority (DFSA) in September 2006. In 2014, the CMA signed a another memorandum with the new FSA.
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