Bahrain banks doing well

Filed on March 11, 2011

ABU DHABI Bahrain on Thursday said the current unrest in the region had no adverse impact on its banking sector, but affected both tourism and retail businesses.

Talking to reporters on the sidelines of the 52nd meeting of the GCC Committee of Governors of Central Banks and Monetary Agencies, Bahrain Central Bank Governor Rasheed Mohammed Al Maraj said: “So far we have not seen any kind of adverse impact on the country’s banking sector. All banks are operating normally and transactions are handled at normal levels.”

He said all banks are operating on the same level of activities. However, he said the situation had an adverse impact on the country’s retail and tourism sectors.

About withdrawals from banks due to concerns over the situation, he said he could not comment on expectations or speculations “but what I am saying that as we stand now all the indications prove that all things are operating normally. And what happens next I really cannot comment.”

Al Maraj refused to comment on foreign direct investment because “we don’t have the data to comment on that and it is too early.”

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