REPUBLIKA.CO.ID, NUSA DUA -- The Financial Service Authority (OJK) and Bank of Thailand, signed a memorandum of understanding here on Friday on cooperation in banking supervision. The agreement was signed by OJK chief commissioner Wimboh Santoso and Governor of the Thai central bank Veerathai Santiprabhob on the sideline of the annual meeting of the International Monetary Fund and the World Bank in Bali.

The agreement included on strengthening banking control in line with the the Basel principles of effective bank supervision. The agreement indicated strong commitment of the two financial institutions to exchange of information and cooperation in licensing, on site examination and in crisis management.

Wimboh Santoso said the agreement will strengthen high level cooperation already developed by the two sides.

"We would continue efforts to promote cooperation to maintain stability in the financial system," he said.

Veerathai Santiprabhob said cooperation in trade or investment already strong between the two countries will need an efficient financial service.

"Therefore, the MoU would increase commitment to supervision of financial systems between the two countries to back up the trade and investment cooperation and long term economic welfare of the two countries," he said.

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