Bahrain Central Bank Calls on Banks to Ease Debt Terms, Fees

Business

March 6th, 6:04am

Asharq Al-Awsat

A kuwaiti money changer counts Kuwait dinars in his downtown Kuwait City shop May 20, 2007. Reuters

Bahrain’s central bank on Thursday urged banks and financing companies to consider re-scheduling or granting deferrals on credit installments in light of the coronavirus outbreak. It also urged the financial institutions to reduce profit and interest rates, fees and commissions or other measures for customers affected by the outbreak, the central bank said in the circular. On Saturday, the United Arab Emirates’ central bank advised banks to take measures to mitigate the economic effects of the coronavirus outbreak, including rescheduling loans and reducing fees and commissions. Bahrain has postponed two oil and gas conferences which were scheduled to take place this month, including a regional gathering for oil traders, due to the new outbreak. The annual Middle East Petroleum and Gas Conference, at which the region’s oil traders meet, has been postponed to the second half of the year due to travel restrictions and health concerns, the organisers said earlier this week, Reuters reported. Also, another energy conference, GEO 2020, which was due to be held on March 16-19, was postponed until Sept. 14-17. Bahrain has reported 55 confirmed cases of the new coronavirus, while the UAE has reported at least 27 cases. Other Gulf countries have all reported cases, many of which came from Iran, which is one of the countries worst-hit by the virus.

from Asharq AL-awsat https://aawsat.com/english/home/article/2165561/bahrain-central-bank-calls-banks-ease-debt-terms-fees