Central Bank of Bahrain
|Central bank of||Bahrain|
BHD (ISO 4217)
|Preceded by||Bahrain Monetary Agency|
The Central Bank of Bahrain was established in 1973 as the Bahrain Monetary Agency, shortly after Bahrain gained its independence from the United Kingdom. As per Decree No. 64 of 2006 with respect to promulgating the Central Bank of Bahrain and Financial Institutions Law, the Bahrain Monetary Agency is now the Central Bank of Bahrain. Its responsibilities 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
- Manage the foreign currency cash and gold reserves of the Kingdom.
The Bank is located in the Diplomatic Area. It also houses a splendid coin and currency museum with collections dating back to 653 AD. The current Central Bank of Bahrain governor is Rasheed Al Maraj. In November 2014, he has 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 towards social responsibility.
- "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.
- "Central Bank Of Bahrain Vows To Develop Insurance Industry". Ace Ins Brokers. Retrieved 2014.