Saudi cbank orders rescheduling of govt employee loans

The Saudi Arabian Monetary Agency (SAMA), the kingdom's central bank, has made it mandatory for local banks to reschedule the debts of state employees, Okaz newspaper reported on Thursday.

The adjustments will affect those with salaries and bonuses set to be cut from Oct. 2, as per the Saudi cabinet ruling announced Tuesday.

Any complaints could be filed to the central bank through the customer protection department, the report added.

Earlier this week, the kingdom cut salaries and allowances of government ministers and members of the appointed consultative body, the Shura Council, as part of its efforts to reign in government spending amid slumping oil prices.

Salaries of ministers were slashed by 20 percent, while Shura members will take a 15 percent cut.