Major achievements have been made to establish safe and efficient payments and securities settlement systems in Bahrain. Since the Financial Sector Assessment Program (FSAP) of 2005, the Central Bank of Bahrain (CBB) has modernized the financial market infrastructure (FMI) to mitigate potential risks and support the wider economy. In 2007, the real-time gross settlement system and securities settlement system for government securities, which also as a central securities depository, were launched. Central bank intraday credit in the payment system has been fully collateralized. The CBB and Financial Institutions Law was promulgated on September 6th, 2006. Legal provisions on netting and collateral with respect to close-out netting were introduced. A new payment system policy and oversight unit was established. The Near Real-Time Electronic Funds Transfer System went live in the fourth quarter of 2015.
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|Size: ||18.5 MB|
|Publisher: ||INTERNATIONAL MONETARY FUND|
|Date published: || 2016|
|ISBN: ||9781498305822 (DRM-EPUB)|
|Read Aloud: ||not allowed|