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Report: Saudi lenders ordered to reschedule consumer loans

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Report: Saudi lenders ordered to reschedule consumer loans

SaudiArabian banks have been ordered by the country's central bank to rescheduleconsumer loans following a decision by the Saudi government to cut financialincentives for public-sector workers, Reuters reported Sept. 29, citing the Okaz newspaper.

Withbonuses and similar perks contributing up to 30% of an average pay package inSaudi Arabia, the government's move will have a significant knock-on effectacross the country, the report noted. Local laws also stipulate that repaymentson consumer loans must not exceed a third of the borrower's salary, it added.