Bahrain increases private sector bank lending to 6.43%
The Central Bank of Bahrain (CBB) announced a 6.43 percent year-on-year increase in bank lending to the private sector.
CBB said the money supply increased in March by 4.22 percent YoY, according to Reuters.
Last year, CBB issued a circular to all retail banks and financial companies, to offer the possibility of postponing the rates of loans due to all individuals and companies for a further 6 months ending June 30, 2022.
The bank explained that the postponement will be made without calculating commissions or an increase in the amount of the installment or an increase in the interest rate or profit.
On Wednesday, CBB approved raising the main interest rate by 50 basis points to 1.75 percent.
This came following the Federal Reserve’s decision to raise interest rates by half a percentage point, approving the biggest hike in two decades to fight inflation.