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Tuesday, 25 October 2016

UPDATE 1-Saudi central bank asks banks to reschedule property loans as austerity bites | Reuters

UPDATE 1-Saudi central bank asks banks to reschedule property loans as austerity bites | Reuters:

"Saudi Arabia's central bank said on Tuesday it 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 would cut allowances for employees in the public sector, where about two-thirds of Saudis work, to save money as low oil prices strain state finances.

Economists estimated the cuts might reduce the income of many people by about 20 percent, making it harder for them to service their property and consumer loans."



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