Central Bank of Bahrain
People: October to December 2023
A round-up of central bankers in the news and on the move during the past three months
Gulf central banks increase rates in line with Fed
Five banks raise rates 75bp, while Kuwait orders 25bp increase due to different currency peg
Gulf central banks raise rates after Fed hike
Qatar, UAE and Bahrain make 75bp hikes, while Kuwait raises by 25bp and Saudi 50bp
Bahrain court convicts Iranian central bank of money laundering
Government says case involving CBI was largest money laundering case in Bahrain’s history
Recipe for a chief (fin)tech officer
Private-sector experience, a knowledge of supervision and a zest for innovation are key ingredients for a chief fintech officer
People: MAS’s Menon reappointed until 2023
Norges Bank appoints deputy to supervise SWF; Bahrain’s leader makes son deputy governor; RBI deputy reappointed
Bahrain accuses Iranian central bank of money laundering
Prosecutors allege Iranian officials were involved in laundering around $1.3 billion to dodge sanctions
Bahrain launches new cross-border payment pilot
Central banks plans to scale up system to handle CBDC transactions
UAE, Bahrain and Nambia team up to tackle money laundering
Common framework will help nations share and analyse AML/CFT data
Four Gulf states cut rates following Fed decision
Bahrain, Qatar, Saudi Arabia and UAE have currencies pegged to US dollar
Bahraini women gain prominence in financial sector
Number of local women employed increases by 2.2% in 2018, central bank data shows
Bahrain launches new repo instrument to foster interbank lending
Move comes after IMF directors back government’s attempt to diversify oil-based economy
Global regulators to collaborate on fintech sandbox
UK’s FCA unveils global network of 12 regulators that will collaborate on testing and supervising innovative technology
Central Bank of Bahrain looks to establish stronger sharia governance
Formal framework specifies governance structures banks must put in place if they are to be licensed as Islamic, in an attempt to establish best practice
Bahrain central bank establishes cyber-security emergency response team
Executive director says procedures and responsibilities of the team are being set up; it forms part of a wider approach to addressing threats and incidents in the financial sector
Central Bank of Bahrain launched range of initiatives in 2015 – annual report
Last year the bank set up a Sharia supervisory board, launched Islamic liquidity facilities, set to work on Basel III and upgraded its IT systems
Bahraini central bank launches ‘almost real-time’ payments
Central Bank of Bahrain launches Electronic Fund Transfer System, comprising services for near real-time payments, deferred net settlement and bill aggregation
More sharia-compliant instruments would aid liquidity management, IMF paper argues
Working paper focused on Gulf states notes a lack of instruments has forced Islamic banks to hold a lot of cash, while making it harder for central banks to conduct monetary operations
Central Bank of Bahrain director plots route to ‘vast’ Islamic financial market
Abdul Rahman Al Baker sees great potential in Islamic financial markets but outlines the many areas in which obstacles remain
Central Bank of Bahrain upgrading market infrastructure
Central Bank of Bahrain is upgrading market infrastructure and enhancing supervision of listed companies, announces governor Rasheed Al Maraj
Central Bank of Bahrain launches Islamic liquidity facility
Wakalah instrument chosen on basis of its effectiveness as a short-term liquidity management tool, executive director says, allowing banks to deposit excess reserves with the central bank