Bahrain Needs to Set Oil Price Barrel at 94$ to Achieve Fiscal Balance
In its latest report on the effects of the Coronavirus epidemic on the economies of the Gulf States, the World Credit Rating Agency Fitch said that Bahrain will need the oil price barrel to be $94 to reach the point of fiscal balance.
Bahrain Allows Foreign Partner to Engage in BMP-Related Activities
The Bahraini Cabinet agreed in its session on Monday to allow "TTSJV", with 68% foreign-owned capital, to engage in the "service activities related to water transport - management and operation of public and private ports" to serve the Bapco Modernization Program (BMP).
Bahrain Bourse Lists Government Treasury Bills worth 70 Million BD
Bahrain Bourse announced that 70 million dinars government treasury bills ($186.5 million) will be listed for three months.
Junk-Rated Bahrain to Brave Markets with Dollar Bond Issues
Bahrain has hired banks for a potential dual-tranche dollar bond issue, banking sources said, as the junk-rated Gulf oil producer seeks to raise cash amid the new coronavirus outbreak and historically low oil prices.
Bahrain Sells $2 bln in Dual-Tranche Bonds with over $11 bln Demand : Document
Bahrain sold $2 billion in a dual-tranche bond issuance comprising 4-1/2-year sukuk, or Islamic bonds, and 10-year conventional bonds, a document showed on Thursday.
Rasheed Al-Maraj Re-Appointed as CBB Governor
King Hamad bin Isa Al Khalifa renewed the appointment of Rasheed Mohamed Al-Maraj as the Governor of Central Bank of Bahrain (CBB) for five years, Bahrain News Agency reported.
Bailed-out Bahrain may Need more Gulf Support as soon as this Year
Bahrain may need more financial aid from fellow Gulf Arab states as soon as this year but its wealthier neighbours could themselves be hamstrung by low oil prices and the economic impact of the new coronavirus, bankers and analysts said.
Bahrain Asks Gulf States to Move Closer Date for Planned Aid Package
Sources in the Ministry of Finance and National Economy said that Bahrain has asked the Gulf States to move closer date for planned aid package as part of the financial balance program.
Bahrain Raised $1 billion Loan to Repay Bond Last Month: Sources
Bahrain secured a loan of about $1 billion to repay a bond that was due at the end of March, three sources familiar with the matter said, after the Gulf state suspended plans to issue international debt due to bad market conditions.
Gulf States Approve Kuwait's Proposal to Create Unified Food Security Network
The Gulf Cooperation Council's (GCC) six Arab monarchies have approved Kuwait's proposal for a common network for food supply safety.
Bahrain Deficit to Reach 8% of GDP, Gulf States Budgets Deficit Touches 267 Billion
A recent report by "Arqaam Capital" predicted that the economies of the Gulf States will suffer a significant deficit for 2020 fiscal year, amid major pressures resulting from the sharp fall in oil prices and consequences of the Coronavirus outbreak.
Standard and Poor's Lowers Batelco's Outlook
Standard and Poor's Global Ratings revised its outlook on Batelco to stable from positive and affirmed its 'B+/B' long- and short-term issuer credit ratings.
Bahrain Pays back $1.25bln in Bonds
Bahrain has paid back $1.25 billion in bonds that matured on March 31, the Ministry of Finance and National Economy said on Wednesday.
Bahrain in Talks for $1 billion Loan after Bond Plans Suspended
Bahrain is in talks with banks for a loan of about $1 billion after the Gulf state's plans to issue international bonds were suspended due to bad market conditions, sources told Reuters.
Bahrain Authorises Finance Minister to Withdraw Funds to Deal with Coronavirus -State TV
Bahrain's cabinet authorised the finance minister on Monday to directly withdraw funds with a 5% ceiling from the public account to deal with emergency measures related to the coronavirus outbreak, state television reported.
Bahrain Central Bank Cuts Key Rates by 75 bps
Bahrain's central bank cut its key interest rates by 75 basis points (bps) on Monday, following the U.S. Federal Reserve, which slashed its rates to near zero a day earlier to bolster the economy as the coronavirus epidemic spreads.
Bahrain Central Bank Cuts Overnight Lending Rate to 2.45%
Bahrain's central bank cut its overnight lending rate to 2.45% from 4% "in light of the recent global developments," it said in a statement on Thursday.
Bahrain Central Bank Prohibits Freezing Accounts after Job Loss
Bahrain's Central Bank banned retail lenders from freezing accounts of customers who lost their jobs or after retirement.
Bahrain Central Bank Urges Banks to Ease Debt Terms, Fees due to Coronavirus
Bahrain's central bank on Thursday urged banks and financing companies to consider re-scheduling or granting deferrals on credit installments in light of the coronavirus outbreak, according to a circular seen by Reuters.
Bahrain Central Bank Cuts Key Rate by 50 bps
Bahrain's central bank said on Tuesday that it had decided to cut its key policy interest rate on the one-week deposit facility to 1.75% from 2.25%.