Bahrain Parliament approves proposal urging government to halt rising interest rates on loans

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The Bahrain Parliament has approved a proposal to the government to issue a directive to banks to cease the ongoing increase in interest rates on personal and real estate loans.

The proposal, supported by MPs Khalid Bu Anq, Jalela Al Sayed, Jalal Kadhem, Dr. Ali Al Nuaimi, and Bader Al Tamimi, aims to protect the financial interests and well-being of the public, particularly those who have entered into loan agreements prior to recent interest rate hikes.

The approval of the proposal signifies a collective recognition of the urgency of the matter and a call for swift action. The proposal aims to exert pressure on the government to engage with banks and ensure they comply with the directive to halt the increase in interest rates on personal and real estate loans.

MPs expressed anger at the decision of several banks to hike interest rates on loans taken before the increase, expressing concerns about local citizens' coping mechanisms.