The Central Bank of Bahrain (CBB) is the
central bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union,
and oversees their commercial banking system. In contrast to a commercial bank, a central b ...
of
Bahrain
Bahrain ( ; ; ar, البحرين, al-Bahrayn, locally ), officially the Kingdom of Bahrain, ' is an island country in Western Asia. It is situated on the Persian Gulf, and comprises a small archipelago made up of 50 natural islands and an ...
. 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. The Bank is located in the
Diplomatic Area of
Manama
Manama ( ar, المنامة ', Bahrani pronunciation: ) is the capital and largest city of Bahrain, with an approximate population of 200,000 people as of 2020. Long an important trading center in the Persian Gulf, Manama is home to a very di ...
, 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. 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. 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 United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotlan ...
. 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.
Governors
*
Abdullah Hassan Saif, 1979 - May 1999
*
Abdullah bin Khalifa Al Khalifa, 1999 - 2002
*
Ahmed bin Mohamed Al Khalifa, 2002 - January 2005
*
Rasheed Mohammed Al Maraj, January 2005-
See also
*
Bahraini dinar
*
Economy of Bahrain
The economy of Bahrain is heavily dependent upon oil and gas. The Bahraini Dinar is the second-highest-valued currency unit in the world. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country' ...
*
List of banks in Bahrain
*
List of banks in the Arab world
The following is a list of banks in the Arab World. The modern system of Arab banks was created in Egypt in the late 19th century, with the campaign of modernizing the country. Today Arab banks are among the most pioneering in Developing countries ...
*
List of central banks
.
Central banks
Central banks
Central banks
This is a list of central banks. Countries that are only partially recognized internationally are marked with an asterisk (*).
Disappeared central banking jurisdictions
* – Bank of Amsterdam (1 ...
References
External links
*
1973 establishments in Bahrain
Bahrain
Bahrain ( ; ; ar, البحرين, al-Bahrayn, locally ), officially the Kingdom of Bahrain, ' is an island country in Western Asia. It is situated on the Persian Gulf, and comprises a small archipelago made up of 50 natural islands and an ...
Banks of Bahrain
Banks established in 1973
Financial regulatory authorities
{{Bahrain-stub