Saudi banks to reschedule property loans

Saudi banks to reschedule property loans
28/10/2016 , by , in INTERNATIONAL

Saudi Arabia’s central bank had asked local banks to reschedule the property loans of citizens whose incomes had been reduced by government austerity measures.

Last month the government said it was cutting the allowances of employees in the public sector, where about two thirds of Saudis work, to save money as low oil prices strain state finances.

At the end of last month, the central bank asked local banks to reschedule consumer loans to help cash-strapped borrowers service them; it is now doing the same with real estate loans.

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