Jun 26 2012
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CBB and banks discuss financial situation in Bahrain
Tuesday, Jun 26, 2012
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 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.
By Mahmood Rafique - www.twentyfoursevennews.com
24x7 News 2012. All rights reserved.
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