CYPRUS-ARMENIA TO BOOST COOPERATION IN BANKING

Reporter, Greece
April 13 2006

15:34 – 13 April 2006 – The central banks of Cyprus and Armenia signed
Thursday a memorandum of understanding (MOU) to boost cooperation in
banking sector. The deal was co-signed by Christodoulos Christodoulou
and Tigran Sargsyan, governors of the Cypriot and Armenian banks.

An official statement said the document defines a general framework
of mutual cooperation and exchange of information between the
two supervisory authorities over supervision of cross- border
establishments and credit institutions.

In the field of banking supervision, the Central Bank of Cyprus has
signed MOU with more than 10 countries’ central banks, which have or
may have presence in Cyprus.

Moreover, negotiations are ongoing with another 10 overseas banking
supervisory authorities on the signing of similar documents, the
statement added.