Mauritius and Malawi sign a cooperation agreement on financial markets surveillance
Mauritius and Malawi have signed a memorandum of agreement for close cooperation on financial markets surveillance, a statement from the Bank of Mauritius (BoM) revealed on Thursday.Mauritius and Malawi have signed a memorandum of agreement for close cooperation on financial markets surveillance, a statement from the Bank of Mauritius (BoM) revealed on Thursday.
The document "establishes a formal basis for cooperation, including exchange of information, assistance in investigation, the taking of enforcement action and the applications of prudential standards ".
The agreement, which was signed this week between the BOM and the Registrar of Financial Institutions of Malawi, aims to promote the safety and strength of financial institutions, Xinhua news agency reports.
It will also ensure compliance with applicable laws, including those related to cross-border entities.
Malawi has launched several economic reforms in the past few years following the aftermath of the global financial crisis.
On the recommendation of the IMF, the country has devalued its national currency - the kwacha -by 49 per cent, to let it float freely against other currencies.