In a major relief to loan payers, The Central Bank of Bahrain has asked banks and finance companies to delay loan repayments for a further six months beginning in January, to support borrowers suffering from the coronavirus crisis.
- The option of postponing installments is to be provided to all customers living in the Kingdom, whether individuals or businesses, as specified by the Central Bank in a circular issued to banks on Tuesday.
- The exemption shall be the amounts outstanding on credit cards and the loans transferred to the court
- The Bank will reevaluate the continuation of these actions in 2021.
Previously in March, during the beginning phases of the coronavirus pandemic, Bahraini citizens were granted the right to delay the payment of bank loans by six months. At the time, the exemption often included credit cards but did not include inter-bank deposits or borrowings.
In March, Bahrain has reported a financial package of $11.39 billion (4.3 billion Bahraini dinars) to tackle the fallout from the coronavirus epidemic, including steps to cover electricity and water payments for individuals and businesses for three months beginning in April.
Health officials in Bahrain have already announced that 27 medical centers will be set up to provide jabs for up to 10,000 people/day.
Bahrain, a country with about 1.7 million, has reported more than 90,000 cases and 350 deaths so far.
Previously in December, the National Health Regulatory Authority of the Kingdom approved the registration of a Covid-19 vaccine developed by Chinese pharmaceutical giant Sinopharm.
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