{"id":313675,"date":"2011-03-16T11:31:51","date_gmt":"2011-03-16T11:31:51","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/16\/unrest-shuts-down-bahrain-banks\/"},"modified":"2011-03-16T11:31:51","modified_gmt":"2011-03-16T11:31:51","slug":"unrest-shuts-down-bahrain-banks","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/16\/unrest-shuts-down-bahrain-banks\/","title":{"rendered":"Unrest shuts down Bahrain banks"},"content":{"rendered":"

\n \t\t
\n 16 March 2011<\/span>
\nLast updated at <\/span>07:31 ET<\/span>
\n<\/span><\/p>\n

HSBC and Standard Chartered have said they are closing all of their branch offices in Bahrain.<\/p>\n

The decision came as the Bahrain stock exchange was shut down because of the country’s state of emergency.<\/p>\n

The stock market had not been under pressure before the closure, moving in line with other world markets.<\/p>\n

However, the Gulf state’s cost of borrowing hit a new high on Tuesday, with the yield on its nine-year international bond reaching 6.84%.<\/p>\n

The yield has risen 2.1 percentage points since November, and is trading at higher levels than that of much more heavily-indebted Lebanon.<\/p>\n

It came as rating agency Fitch cut its assessment of the kingdom’s creditworthiness by two notches on Tuesday from A- to BBB – leaving it only another two notches above the risky “speculative grade” level.<\/p>\n

Bahrain has $7.6bn of debts outstanding – about 40% of its annual economic output – according to data from Bloomberg, of which about $2bn is due for repayment this year.<\/p>\n

‘National safety’<\/span><\/p>\n

In recent days, the Bahrain financial district had been targeted by protesters, who blocked roads, before the demonstrations were violently broken up by security forces on Wednesday morning.<\/p>\n

The Bahrain Bourse’s decision to close was made “due to the declaration of national safety in the kingdom”, the stock exchange said in a short statement on its website<\/a>.<\/p>\n

HSBC and Standard Chartered cited the safety of their staff for their own decisions to shut up shop.<\/p>\n

They said that cash machines and other automated banking services were continuing.<\/p>\n

They are two of the biggest foreign banks in the country, with eleven branches and 834 employees between them.<\/p>\n<\/p><\/div>\n<\/p>\n

The rest is here:
\nUnrest shuts down Bahrain banks<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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