Central Bank of Bahrain (CBB) Governor Khalid Humaidan has highlighted the bank’s role in driving economic development and achieving sustainable economic growth.
The CBB governor made the remarks as he took part in the ‘Towards Inclusive and Sustainable Economic Development’ Forum hosted by the Shura Council.
He shared his insights in a panel discussion on national development efforts carried out under the kingdom’s Economic Vision 2030, including the Economic Recovery Plan and strategies to strengthen growth in priority sectors.
The event was attended by Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa and Shura Council Chairman Ali Saleh Al Saleh, alongside various ministers and industry professionals from the public and private sectors.
Mr Humaidan underscored the financial sector’s 17 per cent contribution to the GDP, making it a prime sector for foreign direct investments, in addition to delivering the highest salary rates for around 14,800 employees.
He said that establishing an innovative, local regulatory environment requires greater investment in digital transformation, human capital growth and skills development. He also noted the importance of developing regulatory systems that achieve a balance between stability and innovation.
He pointed to the CBB’s efforts to support the digitalisation of the financial system by developing dedicated supervisory systems and enhancing payment and settlement efficiencies, in addition to adopting the highest governance, compliance and consumer protection standards to build trust between all parties.
Mr Humaidan emphasised the importance of attracting investors to facilitate digital transformation, while creating a supportive technical infrastructure to elevate the quality of financial services in Bahrain.
This participation reflects the CBB’s strategic directive to engage in ongoing dialogue on issues relating to economic and financial sector growth.
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