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MEMORANDUM OF UNDERSTANDING
REGARDING BANKING BUSINESSES
AND EXCHANGE OF INFORMATION
BETWEEN
BANK INDONESIA
AND
CENTRAL BANK OF IRAQ

Bearing in mind the friendly and cooperative relation existing between
the two countries.
Realizing the desire to promote and enhance the cooperation between
the two central banks.

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Bank Indonesia (hereinafter called Bl), the Central Bank of the Republic

of Indonesia and Central Bank of Iraq (hereinafter called CBI), the Central Bank
of the Republic of Iraq, have agreed as follow:
1.

Bank Indonesia and the Central Bank of Iraq, within the scope of the
legislative framework of their respective countries, will endeavor to their
best effort for enhancing cooperation aimed at developing closer
collaborations of financial and banking activities between the two
countries.

2.

Bl and CBI shall supervise the implementation of agreed transactions of
commercial Bank of the two countries according to the existing regulation
and, if it is deemed necessary, the two parties will exercise their best
effort such that the concern commercial banks perform their
commitments. Bl and CBI shall exchange information related to the
implementation of this article.

3.

Any possible difference and dispute arising out of the transaction will be
settled between the concern commercial banks. Bl and CBI will advise
and/or recommend relevant solution for expediting early settlement of
such differences and disputes.

4.

In this regard, Bl and CBI also agree to:
i)

Exchange information on financial and banking activities as well as
any provision concerning finance and banking of their respective

ii)

Countries, and will circulate it, according to their abilities, to the
domestic interest.

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iii)

Promote and establish cooperation between the two central banks,
which cover an exchange of officials and staffs of both central
banks, when, and if necessary to have a closer view on
predetermined specific areas of activities of the central bank.

The topics of mutual interest will be determined through an exchange of
letters between both central bank.
5.

Any possible discord arising out of the interpretation of this Memorandum
of Understanding will be settled amicably by means of mutual
consultation between the Bl and CBI.
Both Bl and CBI shall afford adequate opportunity for such consultation

6.

This Memorandum of Understanding shall come into force from the date
it is signed, will be valid for a period of two years and shall be
automatically extended unless either the Bl or CBI notifies in writing
otherwise.
This Memorandum of Understanding is made in English in two copies.
Either copy shall constitute an original

Signed this day of October 1999, in Baghdad, Iraq .

Signed

Bank Indonesia

Signed

Central Bar:ik of Iraq

Note \./This MOU is subject to final revision from the two'Govemors of the
CeQ.Jl81Bank