Central Bank of Bahrain
{{Short description|State-owned bank in Bahrain}}
{{Use dmy dates|date=November 2019}}
{{Infobox Central bank
| logo = CentralBankofBahrainLogo.png
| logo_size = 170px
| image = Central bank of Bahrain.jpg
| bank_name_in_local = مصرف البحرين المركزي
| ownership = 100% state ownership{{cite web |last1=Weidner |first1=Jan |title=The Organisation and Structure of Central Banks |url=https://d-nb.info/1138787981/34 |website=Katalog der Deutschen Nationalbibliothek|year=2017|format=PDF}}
| headquarters = Manama, Bahrain
| established = {{Start date and age|6 September 2006}}
| key_people = Khalid Humaidan, Governor
| bank_of = Bahrain
| currency = Bahraini dinar
| currency_iso = BHD
| reserves = $3.2 billion
| website = {{url|http://www.cbb.gov.bh}}
| preceded = Bahrain Monetary Agency
| succeeded =
| footnotes =
}}
The Central Bank of Bahrain (CBB) is the central bank of Bahrain. It is a public corporate entity that was established by the Central Bank of Bahrain and Financial Institutions Law 2006. 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.{{cite web|date=6 September 2006 |url=http://www.bma.gov.bh/cmsrule/media/CBBLaw/Decree_64_2006_English.pdf|title=Decree No. 64 of 2006 with respect to promulgating the Central Bank of Bahrain and Financial Institutions Law|accessdate=23 October 2006|archiveurl= https://web.archive.org/web/20061104000344/http://www.bma.gov.bh/cmsrule/media/CBBLaw/Decree_64_2006_English.pdf|archivedate =4 November 2006}} The Bank is located in the Diplomatic Area of Manama, in Bahrain.
Its responsibilities include, implement monetary policy, supervise and regulate the banking sector, acting as the government's fiscal agent, encouraging the growth of Bahrain as a major international financial centre, and to manage the foreign currency, cash and gold reserves of the Kingdom.
History
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.{{Cite web |author=Staff Writer |last2=TradeArabia |title=Central Bank of Bahrain issues new crowdfunding rules |url=https://www.zawya.com/en/business/banking-and-insurance/central-bank-of-bahrain-issues-new-crowdfunding-rules-u6cp20tt |access-date=2022-04-30 |website=www.zawya.com |language=en}}
The current Central Bank of Bahrain governor is Rasheed Al Maraj.[https://www.cbb.gov.bh/ Central Bank of Bahrain - Management - Governor], access 31 May 2019. 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.{{cite web|title=Central Bank Of Bahrain Vows To Develop Insurance Industry|url=http://www.aceinsbrokers.com/content/central-bank-bahrain-vows-develop-insurance-industry|website=Ace Ins Brokers|accessdate=December 18, 2014|archive-date=18 December 2014|archive-url=https://web.archive.org/web/20141218174536/http://www.aceinsbrokers.com/content/central-bank-bahrain-vows-develop-insurance-industry|url-status=dead}} The Central Bank governor is the chairman of the board of directors of the Bahrain Bourse.
Governors
- Abdullah Hassan Saif, 1979 – May 1999{{Cite web|url=https://books.google.com/books?id=WS8WAQAAMAAJ|title=The Middle East|date=23 April 1983|publisher=IC Publications Limited|via=Google Books}}{{Cite web|url=https://books.google.com/books?id=v-BHAAAAYAAJ|title=MEED.|date=23 April 1999|publisher=Economic East Economic Digest, Limited|via=Google Books}}{{Cite web|url=https://www.meed.com/bankers-tipped-for-top-bma-post|title=Bankers tipped for top BMA post|date=6 November 1999|website=MEED}}
- Abdullah bin Khalifa Al Khalifa, 1999–2002
- Ahmed bin Mohamed Al Khalifa, 2002 – January 2005[https://cbb.complinet.com/file_store/pdf/rulebooks/CBB_money_laundering.pdf Money Laundering] cbb.complinet.com {{Dead link|date=November 2023 |bot=InternetArchiveBot |fix-attempted=yes }}
- Rasheed Mohammed Al Maraj, January 2005{{Cite web|url=https://www.abana.co/event/speakers/rasheed-mohammed-al-maraj/|title=H.E. Rasheed Mohammed Al Maraj|access-date=5 August 2020}} – February 2024
- Khalid Humaidan, February 2024{{cite web |title=Bahrain announces new governor - Central Banking |url=https://www.centralbanking.com/central-banks/governance/7959922/bahrain-announces-new-governor |website=www.centralbanking.com |language=en |date=9 October 2023}}
See also
{{Portal|Bahrain|Banks}}
References
{{Reflist}}
External links
- {{official|http://www.cbb.gov.bh }}
{{Central banks}}
{{Authority control}}
{{DEFAULTSORT:Central Bank of Bahrain}}
Category:1973 establishments in Bahrain
Category:Banks established in 1973
Category:Financial regulatory authorities
{{Bahrain-stub}}