CBI has Signed MOU with the Palestinian Monetary Authority

signing a memorandum of understanding between Iraq and Palestine at the Iraqi embassy in the Jordanian capital Amman. The Governor of Iraqi Central Bank Ali Mohsin and the Governor of the Palestinian Monetary Authority Azzam Shawa have agreed on the joint cooperation between both sides in order to support the financial work and development in banking sector in both countries. The Central Bank of Iraq informed in a statement that the memorandum of understanding has been signed in order to enhance the relationship between Palestine and Iraq for a much better control in the banking and financial institutions.Both sides agreed that it would provide financial stability and considerable amount of support in the fight against smuggling & money laundering. It will be done according to the recommendations and decisions of the Basel Committee on Banking Supervision. The statement indicated that it would contribute to achieve the objectives of both sides related to the financial stability. The memorandum of understanding will also provide a much better way for the exchange of information and experiences regarding to the development in the banking sector, financial institutions, staff career development. It would also offer best way in the exchange of information on banking and financial legislation, regulatory requirements and standards with perfect implementation in both countries.