Central Bank of Bahrain urges lenders to ease debt terms

It also urged the financial institutions to reduce profit and interest rates, fees and commissions or other measures for customers affected by the outbreak

  
Undated handout photo shows the Bahrain Central Bank building in Manama. REUTERS/Central Bank of Bahrain/Handout

Undated handout photo shows the Bahrain Central Bank building in Manama. REUTERS/Central Bank of Bahrain/Handout

Bahrain - The Central Bank of Bahrain (CBB) yesterday urged banks and financing companies to consider rescheduling or granting deferrals on credit instalments in light of the coronavirus outbreak, according to a circular.

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 UAE 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 reported 55 confirmed cases of the new coronavrius, while the UAE has reported at least 27 cases. The other Gulf countries have all reported cases, many of which came from Iran, which is one of the countries worst hit by the virus.

In Iran, 15 more people died in the past 24 hours, bringing the total deaths to 107 out of 3,513 confirmed cases, up by 591 from the day before.

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