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Mon 23 Mar 2020 01:53 PM

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Bahraini nationals can now delay loan repayments by six months

Central Bank of Bahrain orders six-month waiver as kingdom battles coronavirus outbreak

Bahraini nationals can now delay loan repayments by six months

Central Bank of Bahrain governor Rashid Mohammed Al-Maraj

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.

The stimulus 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.

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