SAMA orders banks not to deduct loan installments from allowances

08/01/2018 Argaam

 

The Saudi Arabian Monetary Authority (SAMA), the Kingdom central bank, has ordered all Saudi banks not to deduct any installments from the allowances recently granted by King Salman to offset the rising cost of living.

 

The Saudi king on Saturday ordered a monthly payment of SAR 1,000 to state employees over the next year in compensation for rising cost of living after the government hiked domestic gas prices and introduced value-added tax (VAT).

 

An annual bonus was also ordered for Saudi civil and military personnel for the current fiscal year, effective from Jan. 1, 2018.

 

In addition, King Salman directed the state to unify disbursal of public employees' salaries from the 27th of every Gregorian month and always issue utilities bills one week after salary disbursement.

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