The Central Bank of Bahrain (CBB) has announced new directives for all retail banks and financing companies, instructing them to defer loan installments and credit card payments as part of a broader liquidity support program.
This initiative, aimed at supporting Bahrain’s economy and financial sector, follows the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.
The measures are designed to provide relief to individuals and businesses affected by economic challenges.
The Central Bank of Bahrain (CBB) emphasized the crucial role of retail banks and financing companies in effectively communicating the loan deferral procedures to their customers. By ensuring that customers are fully informed about how to access the program, the CBB aims to facilitate a seamless implementation of the deferral measures.
According to the statement, this approach is designed to enhance the overall responsiveness of the financial sector, allowing individuals and businesses to benefit from the program with minimal friction.
In turn, the CBB’s efforts will help support broader financial stability in Bahrain, while also bolstering the financial resilience of beneficiaries who may be facing economic challenges during this period.
This initiative enables retail banks and financing companies to offer customers the option to defer loan installments and credit card payments, including principal and interest, for three months, with the deferral option applicable to both individuals and corporates.
