The Governor of the Central Bank of Bahrain participates in the Shura Council Forum on economic challenges and digital transformation in the financial sector

Khaled Ibrahim Humaidan, Governor of the Central Bank of Bahrain, participated in the Shura Council Forum, “Towards a Sustainable and Sustainable Economic Development”, who witnessed the presence of His Excellency Mr. Ali bin Saleh Al -Saleh, Chairman of the Council, and His Excellency Sheikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, along with a number of esteemed ministers, officials and experts in the financial and economic affairs of the public and private sectors.

The Governor’s participation came within a dialogue session entitled: “The Endurance Supporting Economic Sustainability”, where the most prominent national economy development stations were reviewed, and their compatibility with the aspirations of Bahrain Economic Vision 2030 was reviewed, and the plans that emerged from it such as: the economic recovery plan, and the strategies for developing priority sectors. The participation of His Excellency the Governor in highlighting the role of the Central Bank of Bahrain in developing the national economy and achieving sustainable economic growth, in line with Bahrain Economic Vision 2030.

During the session, Khaled Ibrahim Humaidan, the governor of the Central Bank of Bahrain, confirmed that the financial sector contributes 17% of the GDP, which is attributed to being one of the sectors that attract foreign direct investments, and it also provides the highest salary rates to about 14,800 employees. He stated that creating a local organizational environment that encourages innovation in financial services requires redoubling investment efforts in digital transformation, developing human cadres and developing skills in the financial sector, in addition to developing regulatory systems in order to find a balance between stability and innovation.

It also touched on the efforts of the Central Bank of Bahrain in supporting the digitization of the financial system, through the development of regulatory and supervisory systems, enhancing the efficiency of payments and settlements, and adopting the highest standards related to governance, compliance and consumer protection in a way that enhances confidence among all parties concerned in the sector. He pointed to the active role played by attracting investors in accelerating the course of digital transformation, and establishing a technical infrastructure in support of improving the quality of financial services in Bahrain.

It is worth noting that this participation reflects the strategic direction of the Central Bank of Bahrain towards promoting dialogue on issues related to the growth of the economy and the financial sector.