The Central Bank of Bahrain (CBB) has reached an agreement with banks to halt the planned increase in interest rates on certain real estate loans for housing program beneficiaries.
The agreement ensures that previously agreed-upon rates with borrowers will be maintained.
“The move is in line with CBB’s commitment to playing its role in serving the banking sector and those dealing with it,” CBB said in a statement on Thursday. “It is also the outcome of the constructive and constant cooperation between the executive and legislative authorities, and the recent joint parliamentary meeting held with the Central Bank of Bahrain and the Ministry of Housing and Urban Planning devoted to discussing some citizens’ complaints about banks’ hike of interest rates on private real estate loans for the housing services’ beneficiaries.
