Bahrain is a nation in debt, with BD1 billion (some US$2.65 billion) outstanding in personal bank loans. Now a national campaign is being launched to break the debt culture and to re-educate borrowers.
Personal loans from commercial banks went up by 24 per cent to BD1 billion by the end of last year, Commerce and Industry Minister Dr Hassan Fakhro said Tuesday, according to GDN.
This was up BD207 million compared to 2003.
The Kingdom's population was 707,160 at the end of 2004, so BD1 billion outstanding in personal loans from local banks works out at BD1,414 for every man, woman and child.