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AfricaMoney | October 19, 2017

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Mauritius & Zimbabwe central banks collaborate on cross-border bank supervision

Mauritius & Zimbabwe central banks collaborate on cross-border bank supervision

With the island economy signing an MoU with the Reserve Bank of Zimbabwe for cross-border banking supervision, the total number of agreements which the Bank of Mauritius has entered into with foreign counterparts for cross-border cooperation has come unto a significant fourteen. (Image: AACB)

As a regional financial hub, Mauritius is strengthening supervision of banks through agreements with central banks across Africa, with the latest country to collaborate with the island economy being Zimbabwe.

Accordingly, the governor of the Bank of Mauritius, Rundheersing Bheenick, and the governor of the Reserve Bank of Zimbabwe, JP Mangudya, have signed a Memorandum of Understanding (MoU) to establish a collaborative framework for supervisory cooperation and information sharing.

The agreement aims at strengthening the bilateral ties between the two regulatory bodies and underlines the willingness of both authorities to cooperate, among others, through the exchange of supervisory information.

The signing of this MoU will bring to fourteen the number of MoUs which the Mauritius Central Bank has signed with foreign counterparts, in its quest to promote cross-border cooperation and coordination.

Furthermore, the Bank of Mauritius (BoM) has also, as of date, signed MoUs with seven local agencies and institutions which aim at strengthening and facilitating cooperation between them.

BoM remains committed to enhance its network of cooperation with other domestic and foreign counterpart institutions.

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