No admin fees on loan installments postponements: CBB

TDT | Manama

The Central Bank of Bahrain (CBB), referring to a circular it issued to all banks, finance companies, and microfinance institutions, explained that it will not impose administrative fees on requests to postpone loan installments until the end of the current year. This comes through the kind response by banks to the CBB’s invitation to postpone loan installments until the year-end.

The CBB directed all banks to apply the same terms and conditions based on loans, with regards to interest rates or profits, and the cost of extending the insurance policy when loan installments are postponed until the end of this year.

The CBB confirmed that the circular issued comes within the framework of the esteemed Cabinet, directing the CBB to urge banks to postpone loan payments until the end of 2020 to relieve citizens in these exceptional circumstances, in a way that helps in providing liquidity to enhance support for various economic sectors.