Premier directs to strengthen Bahrain’s financial stability

Manama, Aug. 3 (BNA): His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa has directed to adopt banking and financial policies that maintain fiscal stability in the kingdom. Overcoming the repercussions of the global economic challenges on the local economy requires taking short and long term measures that preserve the financial and banking activity in the kingdom and ensure the continuity of its steady growth, he said. He said that the economy should be the focus of every action, being essential to achieve decent living and sustainable development which the government is sparing no effort to strengthen and maintain their steady progress. HRH the Prime Minister lauded the role played by the Central Bank of Bahrain (CBB) in developing the government’s fiscal and banking policies, which requires the provision of a positive and a motivating atmosphere for its staff. In this regard, the Prime Minister directed to consider building a new CBB building that meets all requirements of modern financial and banking work. HRH Premier made the statements while receiving CBB’s board and executive management at the Gudaibiya Palace today. They briefed him about CBB’s plans and programmes within his directives to adopt a financial and monetary strategy in kingdom that strengthens its ability to deal with potential global economic challenges. They also presented him with a number of Bahraini notes and coins marking 50 years since the issuance of the first currency in Bahrain. HRH the Prime Minister underlined the importance of adopting more financial and banking strategies that support the government’s economic development drive, and ensure the stability of the financial and banking sector, especially amid the current international situation and the increasing regional and global economic threats. The Prime Minister voiced confidence in the ability of CBB Board of Directors in taking the right policies and procedures that achieve stability and pave the way for the investment in the financial and banking sector to flourish. CBB Governor, Rasheed Mohammed Al-Maraj extended thanks and appreciation to HRH the Prime Minister for his tremendous efforts to develop the national economy. He also hailed his constant directives and close follow-on the developments of the financial and banking sector, which, he said, have contributed to strengthening Bahrain’s ability in withstanding and facing various global economic challenges.