The board of directors of the Central Bank of Bahrain on Tuesday approved the budget for the year 2011 during a fourth board of directors of meeting chaired by the Chairman Qassim Mohammed Fakhro.
The board discussed financial statements for the past year and assesses the actions taken by the bank to follow up on these developments as well as the financial statements of the CBB for the period from September to December 2010.
It also approved the adoption of the system devised for the protection of deposits and unrestricted investment accounts; the budget of the bank for the year 2011 and the follow-up work of the committee for the internal control of the bank.
The meeting was also informed about the affirmation of sovereign ratings for Bahrain which were confirmed by both international rating agencies Standard & Poor’s and Fitch. These ratings affirmations, the CBB in statement said, reflects the level of economic and financial conditions in the country which enjoys by the Kingdom of Bahrain.
The board welcomed these developments and attributed to the steps taken by the government last August during the period to achieve the economic and financial stability in the Kingdom of Bahrain.