Central Bank of Bahrain to postpone credit card instalment payments

Anyone affected by coronavirus’ economic repercussions will not have to pay fees or interest for six months

Central Bank of Bahrain to postpone credit card instalment payments

The Central Bank of Bahrain (CBB) has postponed credit card and loan instalments for customers affected by the economic repercussions of coronavirus for six months.

Borrowers and credit card holders will not incur any fees or interest during this period.

The announcement is part of a number of measures from the bank to mitigate the effects of COVID-19.

The CBB has also taken a number of steps to help prevent the spread of the disease in Bahrain.

These include destroying BHD5, BHD1 and BHD1/2 notes and circulating new ones, isolating all received bank notes for 72 hours, and using UV light devices in the main vault.

Bahrain’s central bank will also be increasing the contactless limit to BHD50, and encouraging merchants to sterilise their card machines regularly.

The Kingdom has already announced a BHD4.3 billion economic stimulus package that will see the government pay individuals’ and businesses’ electricity and water bills between April and June.

Bahrain has also decided to not collect municipal fees for the same period, and exempt businesses from land rental fees.

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