CBB and banks discuss financial situation in Bahrain

Tuesday, Jun 26, 2012
24x7 News
Governor Central Bank of Bahrain (CBB) and the representatives of the banking industry discussed the economic and banking situation in Bahrain and its impact on the performance of the national economy during the year.

The CBB and the Bahrain Association of Banks (BAB) held their second meeting of the year to discuss the developments of the financial services sector in the Kingdom of Bahrain.

Rasheed Mohammed Al Maraj, Governor of the CBB welcomed the chairman and members of the Board of BAB and thanked the Association and all retail banks for their cooperation in implementing the CBB’s plans for the development of banking services in Bahrain. Such as the completion of the International Bank Account Numbering system (IBAN) successfully and on time as well as the completion of automated settlement of cheques, which was introduced last May.

The Governor emphasized the CBB’s readiness to work and cooperate with the banks operating in Bahrain for the improvement and development of banking services and offering the customers the best services in a fast and secure environment. The meeting discussed the CBB’s plans to introduce new services in electronic banking, which will increase the effectiveness of banking services provided to individuals and companies.

The meeting also discussed the results of field research done by the CBB on the level of fees and interest imposed on the banking services and credit cards and the different level of these fees between banks. The Governor indicated that the CBB will discuss the results of this study with each bank separately to find out the reasons for this disparity and then take appropriate steps to remedy the situation. He also emphasized the importance of the bank’s commitment to the directives and instructions issued by the CBB in dealing with customer complaints noted in the Code of Best Practice on consumer Credit and Charging issued by the bank on July 1, 2007.

The CBB was also briefed on the preparations made by the Association to prepare for the annual reception hosted by BAB on the sidelines of the annual group meeting of the International Monetary Fund and World Bank, to be held this year in Tokyo, Japan. At the end of the meeting the Governor reiterated his thanks and appreciation to the Chairman and Board members of the Bahrain Association of Banks on the continued cooperation between the CBB and the Association.

By Mahmood Rafique - www.twentyfoursevennews.com

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