Arabian Business, Thursday, Mar 26, 2020 | Shaaban 2, 1441
Bahraini nationals can now delay loan repayments by six months
Bahraini nationals can delay payment of bank loans by six months as the
kingdom fights against the deadly coronavirus pandemic.
Central Bank of Bahrain governor Rashid Mohammed Al-Maraj said: “All retails
banks, finance and micro-finance firms have to grant citizens a six-month waiver
without fees, interest-on-interest (compound interest) or increase in the profit
or interest rate.”
The waiver, which is applicable from this month, also covers credit cards, but
does not include inter-bank deposits or borrowings.
Customers looking to take advantage of the waiver, are asked to inform their
respective lending institution.
Earlier this month, the government of Bahrain announced an $11.38 billion
economic stimulus package to support its citizens and the private sector amid
the ongoing coronavirus crisis.
package is equivalent to 29.6 percent of Bahrain’s annual GDP.
There are currently 310 confirmed cases of coronavirus in Bahrain, which
recorded the GCC’s first Covid-19-related death last week.