Saudi Arabia increases central bank role
Monday 30 January 2012 - by Karina Whalley
Saudi Arabia's Capital Market Authority signed a cooperation agreement with the country's Monetary Agency on Sunday, in order to coordinate the oversight of the banking industry.
Public companies in the banking and insurance sectors will be overseen by both bodies and be subject to accounting standards set up by SAMA and CMA.
"The MoC is considered to be a positive step of coordination between financial governmental bodies in Saudi Arabia to develop the financial sector and ensure its efficiency and prosperity," the CMA said.
A high level standing committee will be set up by both regulators to see that the MoC is properly carried out.
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