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Bahraini nationals can delay payment of loan installments by 6 months

Bahraini nationals can delay payment of loan installments by 6 months

 Bahraini nationals, who have taken bank loans, can delay payment of installments by six months as the kingdom battles the coronovairus pandemic, Bahrain News Agency reported on Thursday quoting a statement from governor of the Central Bank of Bahrain.

“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”, said CBB Governor Rashid Mohammed Al-Maraj.

The central bank’s move follows $11.3bn ( BD4.3bn) economic stimulus package announced by the kingdom to offset the impact of the coronavirus.

The waiver, which is applicable from March, also covers credit cards but does not include inter-bank deposits or borrowings.

All customers who want to avail to the waiver and those who are inclined to make timely payment must inform their respective lending institution.

Source: Saudi Gazette 

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