The Central Bank of Bahrain (CBB) has warned about the fallout of taxes on remittances and other 'foreign transactions', said a report.

Such a move will damage national economy and may have serious implications for Bahrain’s hard-won image as a prized regional financial centre and an offshore banking hub, reported The Gulf Daily News, our sister publication, citing the regulatory authority.

Parliament’s financial and economic affairs committee has endorsed a proposal by five MPs to levy fees on remittances to urgently find new revenue streams amidst global oil price slump.

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