Mena News - Bahrain Monetary Agency Another Step Closer to Becoming Bahrain Central Bank

Source: Middle East Insurance Review | Sep 2006

The Shura Council, the upper house of the National Assembly which is the main legislative body of Bahrain, has approved the establishment of the Bahrain Central Bank (BCB).

The BCB will replace the Bahrain Monetary Agency (BMA), which is the de facto central bank, but will be given greater powers and more authority to oversee the kingdom’s financial services industry, including the insurance, banking and investment sectors.

At a sitting on July 22, the Shura Council members passed the 188-article draft legislation to establish the central bank without any debate, according to news released on the council’s website.

The proposed law was previously passed by the Parliament in June. It will next be ratified by the King.

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