CENTRAL BANK OF BAHRAIN AND THE MONETARY AUTHORITY OF SINGAPORE SIGN MOU

Manama, Bahrain - 07 December 2009 - The Central Bank of Bahrain (CBB) and the Monetary Authority of Singapore (MAS) today signed a Memorandum of Understanding (MOU) on the sidelines of the 16th World Islamic Banking Conference (WIBC) in Bahrain.

2    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.

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

4    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".

5    Mr Heng said, “This MOU marks an important milestone in the cooperation between the Central Bank of Bahrain and the Monetary Authority of Singapore. MAS values our strong relationship with CBB and I am confident that financial cooperation between our two institutions as well as between the private sector in both countries will be further deepened with this MOU.”

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