29 December 2011, Bank of Mauritius
The Maldives Monetary Authority and the Bank of Mauritius have signed a Memorandum of Understanding (MOU) on supervisory cooperation, information sharing and mutual collaboration on 19 December 2011. The signatories of the MOU are Governor Fazeel Najeeb for the Maldives Monetary Authority and Governor Rundheersing Bheenick for the Bank of Mauritius.
The Republic of Mauritius and the Republic of Maldives, two islands situated in the Indian Ocean, have a number of economic activities in common, tourism and fishery amongst others, and enjoy privileged ties of friendship. The signing of this MOU has been motivated by the enhanced development of cross border banking activities between our two countries. Mauritian banks have direct and indirect commercial relationships with Maldivian institutions. Also, one Mauritian banking institution operates a subsidiary in the Republic of Maldives. This transcends geographical boundaries and creates the need for consolidated supervision and close collaboration between the Bank of Mauritius and the Maldives Monetary Authority. The MOU will provide an appropriate platform for that collaboration and exchange of information between our two regulatory bodies.
The signing of this MOU is also in the perspective of macro prudential regulation and supervision which is one of the key areas of regulatory reforms in the aftermath of the global financial turmoil. With a view to promoting institutional and cross border coordination, the Bank of Mauritius has, as of date, signed MOUs with five local institutions and nine foreign banking regulators. The year 2011 has witnessed the signature of an MOU between the Bank of Mauritius and the Central Bank of Kenya in August 2011 and with the present MOU entered into with Maldives Monetary Authority, the total number of MOUs with international regulatory institutions is taken to ten.
The establishment of this MOU will no doubt consolidate the relationship between the Bank of Mauritius and the Maldives Monetary Authority and enhance each Authority’s ability to fulfill its supervisory responsibilities.
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