The Banque du Liban (BDL), Lebanon's central bank and regulator, has concluded a memorandum of understanding (MoU) with the Dubai Financial Services Authority (DFSA).

The Banque du Liban (BDL), Lebanon's central bank and regulator, has concluded a memorandum of understanding (MoU) with the Dubai Financial Services Authority (DFSA). The non-legally-binding agreement was signed by Mr Ian Johnston, Chief Executive of the DFSA, and Mr Usama R Mikdashi, Chairman of the Banking Control Commission of Lebanon (BCCL), on behalf of the governor of the central bank.

The BCCL was established in 1967 to supervise banks, financial institutions, money dealers, brokerage firms and leasing companies in Lebanon. It exercises its supervisory functions independently but in close co-operation with the central bank's governor. It conducts on-site and off-site visits and regulates financial institutions prudentially.

Both parties expect the MOU to lead to the sharing of more information about private banks, asset management firms and other financial institutions.