Central Bank of Bahrain

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Central Bank of Bahrain
مصرف البحرين المركزي
HeadquartersManama, Bahrain
Established6 September 2006; 17 years ago (6 September 2006)
Ownership100% state ownership[1]
PresidentHE Rasheed Mohammed Al Maraj
Central bank ofBahrain
CurrencyBahraini dinar
BHD (ISO 4217)
Preceded byBahrain Monetary Agency
Websitehttp://www.cbb.gov.bh

The Central Bank of Bahrain (CBB) is the central bank of Bahrain. It is a public corporate entity established by the Central Bank of Bahrain and Financial Institutions Law 2006. It was created on 6 September 2006. Decree No. 64 of 2006 with respect to promulgating the Central Bank of Bahrain and Financial Institutions Law established the Central Bank of Bahrain in place of the Bahrain Monetary Agency.[2] The Bank is located in the Diplomatic Area of Manama, in Bahrain.

Its responsibilities, set out in the decree, include:

  • implement monetary policy
  • supervise and regulate the banking sector
  • act as the government's fiscal agent
  • encourage the growth of Bahrain as a major international financial centre, and
  • manage the foreign currency, cash and gold reserves of the Kingdom.

The current Central Bank of Bahrain governor is Rasheed Al Maraj.[3] In November 2014, he decided to further develop the kingdom's growing insurance sector. He acknowledged the necessity for the Central Bank to co-operate with the insurance market to support the insurance sector, also insisting on the insurance firms' obligations to fulfill their social responsibility.[4] The Central Bank governor is the chairman of the board of directors of the Bahrain Bourse.

It was established in 1973 as the Bahrain Monetary Agency, shortly after Bahrain gained its independence from the United Kingdom. The bank also houses a coin and currency museum with collections dating back to 653 AD.

The Bank on April 29, 2022 announced new regulations containing rules regarding equity-based crowdfunding and financing-based crowdfunding and are covered under Crowdfunding Platform Operators Module (Module CFP). Module CFP will be found under CBB Rule book - Volume 5: Type 7 – Ancillary Service Providers.[5]

Governors

See also

References

  1. ^ Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. ^ "Decree No. 64 of 2006 with respect to promulgating the Central Bank of Bahrain and Financial Institutions Law" (PDF). 6 September 2006. Archived from the original (PDF) on 4 November 2006. Retrieved 23 October 2006.
  3. ^ Central Bank of Bahrain - Management - Governor, access 31 May 2019.
  4. ^ "Central Bank Of Bahrain Vows To Develop Insurance Industry". Ace Ins Brokers. Archived from the original on 18 December 2014. Retrieved 18 December 2014.
  5. ^ Staff Writer; TradeArabia. "Central Bank of Bahrain issues new crowdfunding rules". www.zawya.com. Retrieved 30 April 2022.
  6. ^ "The Middle East". IC Publications Limited. 23 April 1983 – via Google Books.
  7. ^ "MEED". Economic East Economic Digest, Limited. 23 April 1999 – via Google Books.
  8. ^ a b "Bankers tipped for top BMA post". MEED. 6 November 1999.
  9. ^ https://cbb.complinet.com/file_store/pdf/rulebooks/CBB_money_laundering.pdf [bare URL PDF]
  10. ^ "H.E. Rasheed Mohammed Al Maraj". Retrieved 5 August 2020.

External links


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