Central Bank of Bahrain

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Central Bank of Bahrain
مصرف البحرين المركزي
CentralBankofBahrainLogo.png
HeadquartersManama, Bahrain
Established1973; 46 years ago (1973)
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 6th 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.[1] 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.[2] 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.[3] 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 splendid coin and currency museum with collections dating back to 653 AD.

See also[edit]

References[edit]

  1. ^ "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.
  2. ^ Central Bank of Bahrain - Management - Governor, access 31 May 2019.
  3. ^ "Central Bank Of Bahrain Vows To Develop Insurance Industry". Ace Ins Brokers. Retrieved 2014. Check date values in: |accessdate= (help)

External links[edit]