SKOPJE, Dec. 4 (Xinhua) -- The National Bank of the Republic of Macedonia (NBRM) and the European Central Bank (ECB) have signed a memorandum of understanding (MoU) on cooperation in the area of supervision, the NBRM said in a press release on Tuesday.

According to NBRM, cooperation will be directed towards ensuring effective exchange of supervisory information, including the Core Principles for Effective Banking Supervision developed by the Basel Committee.

The memorandum specifies that "cooperation is essential for further improvement in the integrity, stabilization and efficiency in the bank operations."

The implementation of the provisions of this MoU, according to NBRM, is of great importance for the materialization of the NBRM's commitment to the continuous development of supervision in Macedonia, in line with the latest European and international standards and recommendations.