Thursday, December 02
01:52 AM

Low-income Omani workers to get 3-month relief on loan installments

25 Apr 2020

The Central Bank of Oman (CBO) on Wednesday issued a circular to all the banks and finance and finance leasing companies to defer all types of installments of loans of low-paid Omani workers. 

The deferment will continue for three months from the date of postponement. The decision will begin to take effect from the salaries of May 2020 until further notice, according to an Oman News Agency report.

The CBO calls for the deferment of installments in accordance with the directive of the circular, so that the repayment will be without interests or any fees to be charged against the balance of maturated loans or funding loans during the period of deferment.

The CBO also instructs the banks and finance and finance leasing firms to reschedule the loans or funding if necessary.

The CBO’s decision stems from the directives issued on April 15 by the Supreme Committee tasked with handling developments resulting from COVID-19 pandemic. This pertains to the package of economic procedures stated by the committee on that date. It comes as a measure to support low-income Omani manpower in line with the mechanism approved by the Ministry of Manpower.

© 2021 Apex Press and Publishing. All Rights Reserved. Powered by Mesdac