The Bank of Uganda has signed a memorandum of understanding with the Bank of South Sudan with the aim of sharing knowledge and experience in different areas of banking.

Speaking at the signing ceremony in Kampala on Sept. 28, Emmanuel Tumusiime Mutebile, the governor of Bank of Uganda said the move would see BoU provide their South Sudanese counterparts with technical assistance in a number of areas.

He said the MoU is intended to establish a framework of mutual assistance and facilitate exchange of information between the two banks as they fulfill their regulatory and supervisory responsibilities.

The areas agreed upon include banking and financial cooperation, technical cooperation in areas of monetary and economic policy formulation, capacity and institutional building among others.

South Sudan, the world’s youngest country, is still trying to build its fledgling macroeconomic and financial services systems among other sectors.

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