After acquiring independence from British control in the year of 1971, the country of Bahrain established the Bahrain Monetary Agency in year 1973. At present the Bahrain Monetary Agency is proclaimed as the Central Bank of Bahrain . The Bank is situated in the political region of Bahrain. In Bahrain bank notes were made out by the Bahrain Currency Board since 1964 till 1973. After that the practice was taken up by the Bahrain Monetary Agency since the year of 1973.
The Central Bank of Bahrain has many responsibilities. Few such duties are as following:
- Effectuation of various monetary policies
- Encouragement in the growth of Bahrain as an eminent global fiscal centre
- Administration and regulation of Bahrain's banking sector
- Perform as the government's financial agent
- Managing the foreign currency cash funds and treasury of the Bahrain Kingdom
The Central Bank of Bahrain has a coin and currency museum with rare collections of coins of as early as 653 AD.
In recent years, Bahrain has developed into an international head in Islamic finance and acts as an emcee to the foremost focus of Islamic financial organizations in the countries of Middle East. At the moment, there are about eleven Islamic insurance concerns and twenty four Islamic banks in service in Bahrain.
Central Bank of Bahrain (CBB) and Financial Institutions Law have scheduled several targets as well as duties for the privilege and profit of the consumers and the fiscal organizations. To attain this aim CBB attempts several activities as consumer alerts and deposit protection schemes.
