KARACHI: A Memorandum of Understanding (MoU) has been signed between State Bank of Pakistan (SBP) and the Nepal Rastra Bank- the central bank of Nepal, to cooperate in the field of Supervision and Exchange of Supervisory Information.
A SBP statement her on Thursday said that the cooperation between the two countries, is in accordance with Basel Core Principles for Effective Banking Supervision.
It said that the agreement was signed in a ceremony held here on Thursday at the SBP Head Office.
Syed Irfan Ali, Executive Director, Banking Policy and Regulations Group of SBP, and Maheshwor Lal Shrestha, Executive Director, Banking Supervision Department NRB, signed the agreement on behalf of their respective countries.
It may pointed out that Habib Bank Limited has an affiliate in Nepal, namely Himalayan Bank Ltd. with 20% shareholding.
This MOU will enhance bilateral relationship and help sharing information to accomplish convergence towards common modalities and standards, in cross border supervision of banks, operating in both the countries.
It was recalled that Nepal is the third country in the SAARC region with which Pakistan has established a central banking MoU.
The other two countries are Bangladesh and Sri Lanka.
