Bahraini banks unaffected by Silicon Valley’s shockwave: BAB

Bahraini banks unaffected by Silicon Valley’s shockwave: BAB

The Bahrain Association of Banks (BAB) stated that Bahraini banks are unaffected from the repercussions of the bankruptcy of the US Silicon Valley Bank and its impact on the financial markets in several countries around the world. Affirming that Bahraini banks have liquidity and capital adequacy ratios that exceed regulatory requirements.

This came during BAB’s Board regular meeting, which covered a variety of topics, including the most recent developments in Bahrain’s financial situation following the global financial crisis that started with Silicon Valley Bank, and extended to include other major banking and financial institutions around the world.

BAB stated that the disclosures made by a select few Bahraini financial institutions were extremely constrained and under supervision. According to BAB, the crisis in Silicon Valley is not the first and likely won’t be the last, and in every crisis, Bahraini banks demonstrate their stability, strength, and ongoing capacity to provide the financing needs of people and organizations in all situations.

The Association highlighted the Central Bank of Bahrain’s crucial support of Bahraini banks, competent supervision of those banks, and upkeep of the stability and safety of financial institutions functioning inside the Kingdom of Bahrain.

Several other topics on the agenda were discussed during the regular