|18 December, 2019

Saudi SAMA asks banks to respect cost of living allowance

King Salman ordered extending the allowance until the end of 2020

Image used for illustrative purpose. Dealers monitor the stock market at a bank in Riyadh ,

Image used for illustrative purpose. Dealers monitor the stock market at a bank in Riyadh ,

REUTERS/Reuters Photographer

Riyadh – The Saudi Arabian Monetary Authority (SAMA) has reiterated that all banks operating in the Kingdom must not to seize or compromise any amount of the cost of living allowance ordered by King Salman bin Abdulaziz Al Saud.

Recently the Saudi government approved the Saudi public budget for 2020, and King Salman of Saudi Arabia ordered extending the allowance until the end of 2020.

The Saudi central bank noted that the cost of living allowance must not be affected in any way by financing requests or other financial commitments, SAMA said in a statement on Wednesday.

If any amount is mistakenly deducted, it must be returned within 48 hours, the statement noted.

SAMA has called upon customers to exercise their rights that are guaranteed by the system and the issued regulations and in the event of any violation or damage to file a complaint with the Consumer Protection Department.

Source: Mubasher

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