SAMA asks local banks to reschedule consumer loans

Saudi Arabian Monetary Agency (SAMA) has asked local banks to reschedule consumer loans after the government cut bonuses and other financial perks for public sector workers, local media reported.
The Cabinet announced this week that it would cut ministers’ salaries by 20 percent and reduce a range of allowances for public employees.
“SAMA has obliged local banks to reschedule consumer loans for employees whose salaries went down after the cancelation of a number of allowances and bonuses,” Okaz said.
SAMA officials were not available to comment on the report.
Under banking rules, monthly instalments on consumer loans in Saudi Arabia must not exceed a third of a borrower’s total salary. 
Outstanding consumer loans totalled SR343 billion ($91.5 billion) at the end of June, central bank data shows.

Source: Arab News