|29 March, 2020

Saudi central bank asks banks to restructure financing without extra fees

The Saudi Arabian Monetary Authority said banks should review interest and other fees levied on credit cards

Muslim pilgrims exchange money at a currency exchange centre outside the Grand Mosque in Mecca, November 13, 2010, during the annual haj pilgrimage.

Muslim pilgrims exchange money at a currency exchange centre outside the Grand Mosque in Mecca, November 13, 2010, during the annual haj pilgrimage.

REUTERS/Fahad Shadeed

DUBAI- Saudi Arabia's central bank said banks should agree to restructure financing for customers without extra fees and asked banks to provide financing needed by private sector customers who lost their jobs.

The Saudi Arabian Monetary Authority said banks should review interest and other fees levied on credit cards in line with the recent drop in interest rates.

The guidelines are part of measures aimed at stemming the impact of the coronavirus outbreak, it said.

(Reporting by Maher Chmaytelli, writing Davide Barbuscia; editing by Louise Heavens) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))