What is Central Bank of Bahrain (CBB)? Central Bank of Bahrain (CBB) Review, Features

What is Central Bank of Bahrain (CBB)? Central Bank of Bahrain (CBB) Review, Features

The Central Bank of Bahrain (CBB) is responsible for maintaining monetary and financial stability in the Kingdom of Bahrain and is the sole integrated regulator of the financial sector in Bahrain.

About Central Bank of Bahrain (CBB)

The Central Bank of Bahrain is responsible for maintaining monetary and financial stability in the Kingdom of Bahrain. It succeeded the Bahrain Monetary Authority, which had performed central bank and regulatory functions since its establishment in 1973.

The Bank of Bahrain inherits the 33-year record and wide-ranging responsibilities of the Bahrain Monetary Authority. It implements the Kingdom's monetary and foreign exchange rate policies, manages the government's reserves and debt issuance, issues the national currency and oversees the country's payment and settlement systems. It is also the sole regulator of Bahrain's financial sector, covering the full range of banking, insurance, investment business and capital markets activities.

The Bank of Bahrain's broad remit enables it to take a consistent policy approach across the Kingdom's financial sector. It also provides a straightforward and effective supervisory framework for financial services firms operating in Bahrain.

Target

The mandate of the Central Bank of Bahrain is set out in the Central Bank and Financial Institutions Law of 2006.

Article 3 of the Act defines the objectives of the Central Bank of Bahrain as:

1. Formulate and implement monetary, credit and other financial sector policies for the Kingdom of Bahrain;

2. To provide effective central banking services to the government and financial sector of the Kingdom of Bahrain;

3. Develop the financial sector and increase confidence in it;

as well as protecting the interests of depositors and clients of financial institutions and enhancing the credibility of the Kingdom of Bahrain as an international financial centre.

Article 4 of the same law sets out various specific duties and powers of the Central Bank. They include issuing national currency; licensing, regulating and supervising persons engaged in regulated financial services; providing banking services to the government; and managing the Kingdom's gold and foreign exchange reserves.

<<:  What is Neteller? Neteller Review, Features

>>:  What is the Capital Market Authority (CMA) of Lebanon? Capital Market Authority (CMA) of Lebanon Review, Features

Recommend

What is OmniRocket? OmniRocket Review, Features

OmniRocket helps online sellers scale through affo...

U.S. grocery prices rise by the largest amount in recent years

According to data reported by the U.S. Bureau of ...

What is Vide Dressing? Vide Dressing Review, Features

Vide Dressing is the first C2C second-hand clothin...

What is Netrush? Netrush Review, Features

NetRush is a top seller trusted by over 300,000 Am...

Clubhouse downloads reach 13 million! Sellers can use it like this...

Some time ago, Clubhouse became popular. It is cu...

8 deaths reported, over 3.3 million baby recliners recalled!

The U.S. Consumer Product Safety Commission ( CPS...

What is MANGO? MANGO Review, Features

Founded in 1984, MANGO has successfully won the un...

What is Stradivarius? Stradivarius Review, Features

Stradivarius is a chain store. Stradivarius brand...

What is Hungryroot? Hungryroot Review, Features

Founded in 2015 by Ben McKean and headquartered i...