Pakistani, Philippine central banks sign agreement for cooperation

ISLAMABAD, Oct 28 (Xinhua): The State Bank of Pakistan (SBP) and the Central Bank of Philippines have signed a memorandum of understanding (MoU) on bilateral central banking cooperation in Karachi, according to a press release.

Governor of SBP Tariq Bajwa and Ambassador of Philippines in Pakistan Daniel R. Espiritu, on behalf of Bangko Sentral NG Pilipinas, the central bank of Philippines, executed the documents in a ceremony held at the State Bank premises in Karachi on Friday.

The accord aims at cooperation between the two central bank authorities in disciplines of the banking system, payments and settlements, and other areas of mutual interest, said the press release on Friday.

It may be noted that in pursuance of the SBP's initiative regarding international cooperation with the banking regulatory authorities of different countries, this is the 19th MoU that the Pakistani central bank has signed so far and the fourth during the last 16 months.