This was announced during the CBB Board of Directors’ second meeting in 2011 meeting held on Monday and chaired by Qassim Mohammed Fakhro.
The meeting discussed the reports prepared by the CBB for the development of the financial sector during the last period and the performance of banks, insurance companies and investment companies licensed to work in the Kingdom.
The board was reassured regarding the situation of the banking sector and its ability to provide liquidity and capital adequacy, in addition to the profits for the first quarter of this year.
The board praised the positive cooperation of the retail banks to assist small and medium enterprises to adapt to new circumstances and to mitigate the financial burden in this period by re-structuring financial facilities or schedules.
The Governor briefed the board on the reported performance of the insurance sector during the first half of this year, and was pleased with the development witnessed by this sector and the continuous improvement in the operations of insurance companies operating in the Kingdom of Bahrain.
The board discussed the report of the audit committee regarding the progress of the internal audit program of the CBB. The board also reviewed management reports on operational performance of the CBB and expressed interest to incorporate further training programs for the staff.