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Tuesday, 4 October 2016

Saudi central bank studying how to reschedule mortgages - report | Reuters

Saudi central bank studying how to reschedule mortgages - report | Reuters:

"Saudi Arabia's central bank is studying how commercial banks should reschedule housing mortgage loans after government austerity measures reduced many borrowers' incomes, a Saudi newspaper reported on Tuesday.

The report underlined how Saudi commercial banks are being required to bear much of the economic burden as the government cuts spending to curb a big budget deficit caused by low oil prices.

Last week the cabinet decided to reduce allowances for public sector employees. In response, the central bank issued instructions to banks on Sunday on how they should reschedule the consumer loans of customers whose incomes had shrunk."



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