Palestine Monetary Authority and the Central Bank of Sudan Sign Memorandum of Understanding

Khartoum

His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority and His Excellency the Governor of the Central Bank of Sudan Dr. Hazem Abdelqader signed today Saturday in the Sudanese capital city of Khartoum a memorandum of understanding to strengthen bilateral relations and joint cooperation to develop banking operations in Sudan and Palestine in line with the recommendations of Basel Committee on Banking Supervision and the standards of Islamic Financial Services Board and to ensure realization of objectives of both parties with respect to financial stability in both countries. 

The MoU includes exchange of information and expertise relevant to financial and banking operations and ensuring financial stability in accordance with their visions, including information on banking and financial legislations and supervisory standards and requirements in both countries and any significant changes that may affect the other party or parties under their supervision. 

The MoU also stipulates that both parties shall exchange expertise and capacity building of employees through training and exchange of employees in accordance with their needs and coordination especially in areas of financial stability, supervision, creating national financial inclusion strategy, legislative frameworks to protect users of digital financial services, risks of dealing with foreign banks, and correspondence relations.

PMA has signed several MoUs with central Arab and international banks as part of its efforts to enhance cooperation for mutual benefits and to safeguard soundness of banking institutions.