RABAT— Morocco’s Bank Al-Maghrib (Central Bank) and China Banking Regulatory Commission (CBRC) signed in Rabat on June 11 a memorandum of understanding (MoU) on banking control, information sharing and general cooperation.

The deal was inked by Bank Al-Maghrib’s Governor Abdellatif Jouahri and CBRC vice-president Wang Zhaoxing.

The MoU lays provisions for sharing documents useful for both institutions in the fields of banking supervision, cooperation on surveillance of cross-border institutions and on-site control, a statement by the Moroccan Central Bank said.

The deal also seeks to bolster coordination in dealing with problems and solving crises, reinforce consultation on issues of common interest related to the surveillance of the two bodies and share experiences in terms of monitoring and banking regulations, it added.