Moody's Changes Bahrain's Banking System Outlook to "Stable"
2019-05-30 - 7:44 p
Bahrain Mirror: Moody's changed the outlook for Bahrain's banking system to stable from negative as economic growth accelerates and due to the support package from gulf neighbours.
Moody's expected Bahraini banks' funding and liquidity conditions will remain healthy. They hold ample liquid assets at 34% of total tangible assets, a credit strength.
Bahrain's real growth in gross domestic product (GDP) will rise to 2.1% in 2019 from 1.8% in 2018. Meanwhile, the aid package from the Gulf Cooperation Council will help replenish foreign-currency reserves and help to stabilize the economy.
Bahrain announced on the onset of May receiving $2.3 million installment out of the $10 billion aid package from the Gulf Cooperation Council states announced in October 2018.
Moody's announced a negative outlook for the stability of Bahrain's banks, mid-last year, due to slower economic growth and weak government spending.
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