News in Brief

MoU Between UAE and South Sudan

The Central Bank of the UAE (CBUAE) and Bank of South Sudan have signed a Memorandum of Understanding (MoU) to establish a comprehensive cooperation framework in the areas of security printing, developing innovative solutions for switching and processing payment card transactions in South Sudan, and exchanging knowledge, experiences, and technical training.

Under the MoU, the CBUAE will provide support for South Sudan’s banknote requirements through its Abu Dhabi-based banknote printing subsidiary Oumolat.

Al Etihad Payments, a subsidiary of the Central Bank of the UAE, will also support Bank of South Sudan in developing a payment card system in South Sudan in two phases.

The MoU also includes the exchange of information and expertise, and the provision of technical support and training for Bank of South Sudan ’s employees in banking supervision and monetary operations, through programs provided by the Emirates Institute of Finance, another subsidiary of the CBUAE.