Bahrain’s 2011 growth 3%: CB

03 Jul 2011

(MENAFN) Bahrain’s Central Bank’s Governor, Rasheed Al Maraj, said that this year, the country’s economy would be forecasted to grow by 3 percent, reported Emirates 24/7.

Maraj added that talks about international banks leaving the Kingdom after the recent political events and the country’s plans to change its interest rates were only rumors; moreover, since the beginning of the year, the bank issued eight licenses for new financial institutions.

He also said that at the end of April, the central bank’s reserves of gold and hard currencies grew 11.5 percent to USD4.5 billion from USD4 billion at the end of March.

It is worth noting that King Hamad bin Isa Al-Khalifa approved a USD16.44 billion budget in June for the next two years, with a 44 percent increase in spending on subsidies and other public expenditures.

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