CBB Governor highlights Bahrain’s progress in digitalization of financial services at MENAP meeting

Washington, Oct. 17 (BNA): Khalid Humaidan, Governor of the Central Bank of Bahrain (CBB), participated in the annual meeting of the Ministers of Finance and Central Bank Governors of the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region, in the presence ofKristalina Georgieva, Managing Director of the International Monetary Fund (IMF). The meeting was held on the sidelines of the IMF and World Bank Group Annual Meetings in Washington D.C.

During the meeting, the Governor affirmed the Kingdom of Bahrain’s economic diversification and the growing role of the private sector, which now contributes over 84% of the Kingdom’s GDP. He highlighted the increasing prominence of financial services as the largest sectoral contributor to the national economy, accounting for 17% of GDP since 2022. He also elaborated on the Kingdom’s leadership in digital payments and financial inclusion, the instant payment infrastructure and its positive impact on SME financing and wage protection. He noted that such digital advancements, supported by a strong public-private partnership, are helping to enhance credit access and support small businesses.

Humaidan also expressed appreciation for the IMF’s continued support in areas such as deposit insurance, crisis prevention, and external sector statistics. He concluded by emphasising the importance of harnessing digital transformation in a way that safeguards financial stability, consumer protection, and system integrity.