The Central Bank of Bahrain (CBB) has announced the operation of the Real-Time Gross Settlement (RTGS) System during public holidays starting yesterday.
The aim is to enable a daily morning settlement session during public holidays dedicated for the settlement of Fawri transactions processed by the Benefit Company (BENEFIT). Customers can now send and receive transactions exceeding BD3,000 through the Fawri service even during public holidays.
Central Banking and Macroprudential Oversight executive director Hesa Abdulla Al Sada affirmed the CBB’s commitment to the continuous development of payment services, by working closely with the banking sector and implementing policies and initiatives aimed at enhancing financial market infrastructures and payment systems to achieve the desired economic objectives.
“This strategic initiative aims to provide an extended timeframe for customers to make electronic fund transfers and payments through the Fawri service as the CBB has introduced a morning session for the settlement of financial transactions in the RTGS system. It will enable customers to make transfers and payments through Fawri service, which will be credited to the receivers’ accounts by retail banks during public holidays,” she added.
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