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Saudi Banks Ordered to Reschedule Loans
World Economy

Saudi Banks Ordered to Reschedule Loans

Saudi Arabian Monetary Agency has asked local banks to reschedule consumer loans after the government cut bonuses and other financial perks for public sector workers, Reuters quoted local media as reporting. The cabinet announced this week that it would cut ministers’ salaries by 20% and reduce a range of allowances for public employees. Under banking rules, monthly installments on consumer loans in Saudi Arabia must not exceed a third of a borrower’s total salary, SAMA said. Outstanding consumer loans totaled SR343 billion ($91.5 billion) at the end of June, central bank data shows.

 

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