Manama: The Central Bank of Bahrain (CBB) has announced the operation of the Real-Time Gross Settlement (RTGS) System during public holidays, commencing Friday, October 3. This initiative aims to facilitate a daily morning settlement session specifically for the settlement of Fawri transactions processed by The Benefit Company (BENEFIT). As a result, customers can now conduct transactions exceeding BD 3,000 via the Fawri service, even during public holidays.
According to Bahrain News Agency, Hesa Abdulla Al Sada, Executive Director of Central Banking and Macroprudential Oversight, emphasized CBB’s dedication to the ongoing development of payment services. This commitment is demonstrated through collaboration with the banking sector and the implementation of policies and initiatives designed to enhance financial market infrastructures and payment systems, ultimately achieving key economic objectives.
Al Sada further explained that the strategic initiative provides an extended timeframe for customers to engage in electronic fund transfers and payments through the Fawri service. By introducing a morning session for the settlement of financial transactions within the RTGS system, the CBB enables customers to make transfers and payments via the Fawri service. These transactions will be credited to the receivers’ accounts by retail banks during public holidays.