Banking sector tops in Bahrainisation

Manama: The rate of Bahrainisation in the retail and commercial banks topped 83 per cent, compared with 57.6pc in wholesale banks.

Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa released the updated statistics in response to a query submitted by MP Ghazi Al Rahma.

He stressed the efforts of the financial sector in honing the skills of Bahraini workforce, hailing the pivotal role of the Bahrain Monetary Agency (BMA) and the Central Bank of Bahrain (CBB) in boosting the financial industry.

The Minister commended the success of the banking sector in raising the rate of Bahrainisation and improving salaries, compared to other sectors.

Addressing a question by MP Mohammed Al Emadi, he said that the State budget had been endorsed by the Council of Representatives.

Commenting on the decision of rating agencies to downgrade Bahrain, he stressed the importance of drawing up a balanced economic plan to preserve development momentum.