By Marcus Leach

The continued unrest in Bahrain has forced both leading banks HSBC and Standard Chartered to close their offices.

This comes on the back of a decision to close the country’s stock exchange as a state of emergency is announced in Bahrain. The stock market had been trading in line with other world markets, under little pressure, but the cost of borrowing in Bahrain reaching a high on Tuesday.

The yield on the nine-year international bond reached 6.84 per cent on Tuesday, a total rise of 2.1 per cent since November.

HSBC and Standard Chartered both cited the personal safety of staff for the closure of their offices as the financial district has come under increased pressure from protestors.