ADVERTISEMENT

Bahrain Central Bank Prohibits Freezing Accounts After Job Loss

Bahrain Central Bank Prohibits Freezing Accounts After Job Loss

(Bloomberg) --

Bahrain’s central bank banned retail lenders from freezing accounts of customers who lost their jobs or after retirement.

“The CBB issued a directive dated 8th March 2020, prohibiting such practice by retail banks, regardless of whether or not contractually the bank has the right to take such action,” according to a statement posted on its website.

To contact the reporter on this story: Farah Elbahrawy in Dubai at felbahrawy@bloomberg.net

To contact the editors responsible for this story: Claudia Maedler at cmaedler@bloomberg.net, Shaji Mathew

©2020 Bloomberg L.P.