The Governor of the Central Bank of Bahrain, Rashid Al Maraj, expected that during 2020 the Bahraini economy will maintain the same rate of growth achieved in 2019.
According to official forecasts, Bahrain's GDP increased by 2.3% during 2019, supported by the growth of the non-oil sector, which is expected to achieve growth of 2.8% this year and 3.2% next year.
In a statement to Al Arabiya.net, Al Maraj pointed out that "strategic projects will have a positive impact on the country's economy during the current year," stressing that "lending rates during the fourth quarter of last year have maintained the same level during the third quarter."
The Central Bank of Bahrain data indicates that the total loans granted by banks at the end of the third quarter of last year amounted to 9.78 billion dinars, compared to 9.887 billion dinars at the end of the second quarter. Total loans at the end of November reached 9.782 billion dinars.
In this context, Al Maraj pointed out that "the levels of lending are now satisfactory", stressing that "there are great opportunities for growth in light of declining interest rates."
Source (Al-Arabiya.net website, Edited)
