DFSA, Central Bank of Egypt sign deal

Dubai / WAM

The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding with the Central Bank of Egypt to enhance the relationship and cooperation between both institutions and facilitate the performance of their respective supervisory tasks.
Under the new agreement, the two sides will also work to promote the safety and soundness of banks in their respective jurisdictions.
This includes, but is not limited to, combatting financial crime, conducting consolidated supervision of common firms and discussing crisis management.
The MoU was signed in Dubai by Bryan Stirewalt, DFSA Chief Executive and by Tarek Amer, CBE Governor, in Egypt.
Stirewalt said, “We are honoured to be working hand in hand with the Central Bank of Egypt. This MoU will enhance the cooperation and relationship between the two parties by promoting stable and transparent financial services in our respective jurisdictions as well as contribute to strengthening investor confidence.”
Amer stated, “The MoU signed with the DFSA will help facilitate the exchange of information and performance of the supervisory tasks as well as promote the safety and soundness of banks in our respective jurisdictions, exchanging staff experience and training in the scope of banking supervision.”
DFSA has enjoyed a close working relationship with its Egyptian counterparts for many years. In September 2006, the Capital Markets Authority of Egypt was the first regulator outside the UAE to sign a MoU with the DFSA.