CYPRUS-ARMENIA CENTRAL BANKS SIGN MOU

Reporter.gr, Greece
April 17 2006

09:57 – 17 April 2006 – The Central Banks of Cyprus and Armenia
signed here Thursday a memorandum of understanding on April 13
during the visit to Cyprus of the governor of the Central Bank of
Armenia, Tigran Sargsyan, reports Financial Mirror. The “Memorandum
of Understanding” will promote exchange of information between the
two supervisory authorities in order to help the supervision of
cross-border establishments and to ensure the sound functioning of
credit institutions in their respective countries.

The Central Bank of Cyprus has already signed “Memoranda of
Understanding” with other Central Banks of countries whose banks
already have or may have, in the immediate future, a physical presence
in Cyprus.

These include the Central Bank of the Russian Federation, the Bulgarian
National Bank, the National Bank of Ukraine, the National Bank of the
Republic of Belarus, the National Bank of Yugoslavia, the National Bank
of Romania, the Financial and Capital Market Commission of the Republic
of Latvia, the National Bank of Slovakia, the Bank of Tanzania,
the Central Bank of Jordan, the Bank of Greece and the Banque du Liban.

Negotiations are currently being carried out with another ten overseas
banking supervisory authorities for the signing of similar documents,
the statement added.