07 : 53 PM - 16/09/2013
Beijing, September 16th (BNA) –Under the patronage of His Majesty King Hamad Bin Isa Al Khalifa, and President Xi Jinping of People's Republic of China, a Memorandum of Understanding in the area of monitoring banking institutions was signed between the two countries today in the Capital City Beijing.
The Memorandum of Understanding was signed by the Governor of Central Bank of Bahrain, Rashid Bin Mohammed Me’raaj, and Shang Fulin, Chairman of the Committee of People's Republic of China (PRC) authorised by the State Council to regulate the banking sector.
According to the Memorandum, the two parties agreed on the quality monitoring on the transactions of any of the branches, or the units related to the banks in both countries during their work in the other country. Both sides also asserted the importance of practicing active monitoring on the transactions of their branches and the units related to them and to be mainly carried out by the main offices of those institutions.
According to the Memorandum, the two audit authorities work on the good monitoring supervision on the transactions of the banking institutions working in both countries and the cooperation between them to exchange information in regard of the requirements of the banking supervision in this regard.
BNA 1701 GMT 2013/09/16
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Last updated : 07 : 53 PM - 16/09/2013