Rabat - Morocco's Bank Al-Maghrib (central bank) and China Banking Regulatory Commission (CBRC) signed, on Friday in Rabat, a memorandum of understanding on banking control, information sharing and general cooperation.
Inked by Bank Al-Maghrib's governor Abdellatif Jouahri and CBRC vice-president Wang Zhaoxing, the agreement is part of international good practices advocated by the Basel Committee and the financial stability council seeking to develop robust, cross-border banking supervision, said a statement by the central bank.
The memorandum also lays provisions for sharing documents useful for both institutions in the fields of banking supervision, cooperation on surveillance of cross-border institutions and onsite control, it said.
It also seeks to bolster coordination in dealing with problems and solving crises, reinforce consultation on issues of common interest related to the surveillance of the said bodies and sharing experiences in terms of monitoring and banking regulations.
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