Parliamentary meeting with CBB and Housing Ministry focuses on interest rate hike on real estate loans

Ahmed bin Salman Al Musallam, the Speaker of the Council of Representative, has stressed the importance of cooperation between legislative and executive authorities to serve Bahrain and its citizens, in line with the directives of His Majesty King Hamad bin Isa Al Khalifa and the support of His Royal Highness Prince Salman, the Crown Prince and Prime Minister. 

Al Musallam was speaking while chairing a joint parliamentary meeting with the Central Bank of Bahrain (CBB) and the Ministry of Housing and Urban Planning to discuss the recent hike in the interest rates on private real estate loans for various citizens. 

The meeting was attended by Rasheed Mohamed Al Maraj, CBB Governor, Amna bint Ahmed Al Rumaihi, Minister of Housing and Urban Planning, and Chairman and members of the Financial and Economic Affairs Committee, MPs, and officials. 

The Council Chairman expressed appreciation and gratitude to the government for its efforts to implement housing projects and deliver services, as well as provide the necessary facilities to Bahraini citizens and families, within the government’s plans and programmes. 

He praised the significant efforts of the Central Bank of Bahrain and the Ministry of Housing and Urban Planning to provide housing services to citizens, ensuring quick access without long waiting periods. 

This is achieved through financing solutions, cooperation between the Housing Bank and banks, as well as encouragement of real estate development companies to implement projects, which is proportional to the value of citizens’ funds, he said. 

The Speaker highlighted the significance of the meeting devoted to addressing the issue of banks’ raising interest rates on private loans for citizens, presenting possible solutions and supporting the sustainability of citizens’ benefits from housing projects and programmes, aiming to reach consensus among all parties. 

The private sector plays a crucial role in supporting and strengthening the housing project system by providing services, facilities, and financing options for the citizens, Al Musallam said. It is essential to consider the circumstances and needs of the Bahraini families while considering the interests of everyone without harming any party, he added.

CBB Governor emphasised the need for improved coordination between executive and legislative authorities, in line with the directives of HM the King and the support of HRH the Crown Prince and Prime Minister.

CBB is actively following up on the Council of Representatives’ proposal to discuss the citizens’ complaints about raising interest rates on real estate loans, and is in contact with the relevant banks to reach a suitable solution, he added.

BNA(R)

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