Singapore, 24 March 2009...The Monetary Authority of Singapore (MAS) has signed a Memorandum of Understanding (MoU) with the Central Bank of the United Arab Emirates (CBUAE), which supervises financial institutions in the United Arab Emirates.

2   The MOU provides a formal basis for supervisory cooperation and mutual assistance between MAS and CBUAE.  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 purview. The MOU will also facilitate staff training and technical assistance between MAS and CBUAE.

3   The MOU was signed by H.E. Sultan Bin Nasser Al Suwaidi, Governor, CBUAE and Ms Teo Swee Lian, Acting Managing Director, MAS, as part of Singapore’s President S.R. Nathan’s state visit to the UAE.

4   Said Ms Teo, “MAS values our strong relationship with CBUAE and we look forward to deeper cooperation with CBUAE under the leadership of H.E Sultan Bin Nasser Al Suwaidi.  This MoU will provide the platform for enhancing the already close ties between our two institutions."

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