UAE Central Bank to deepen co-operation with Syria and Morocco

Regulators sign deals to explore payment systems and financial technology

The Central Bank of the UAE has agreed to deepen bilateral co-operation with regulators in Syria and Morocco, focusing on key areas to boost financial stability and technology.

The preliminary agreement with the Central Bank of Syria includes a framework for building technical expertise for payment systems, monetary policy, cash management and financial technology, the CBUAE said in a statement on Friday.

It will also cover climate risk management, sustainable finance, financial inclusion, financial literacy and awareness, credit information systems, and reporting and risk management frameworks, it added.

The agreement was signed by the UAE central bank governor Khaled Balama and his Syrian counterpart Mohammad Raslan.

On Saturday, the CBUAE said it had signed two preliminary agreements with Bank Al Maghrib, the central bank of Morocco, centred on regulatory frameworks and the possibility of interlinking payment systems to facilitate cross-border transactions.

The UAE-Syria deal reflects the two countries' shared interest in “advancing co-operation in financial and regulatory areas … to support the resilience of the financial system, enhance the efficiency of the financial infrastructure and keep pace with developments in the financial technology sector”, Mr Balama said.

That agreement is expected to boost Syria's plans for its economy, which continues to open up following the toppling of Bashar Al Assad's regime in December 2024 and the removal of western sanctions last year. Gulf states and other regional countries are moving quickly to invest in Syria’s future, launching diplomatic, financial and infrastructure support.