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Saudi Arabia rules out freezing bank accounts of expats

Riyadh - In recent months, the Kingdom has taken a series of measures to shore up its economy impacted by Covid-19.

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By IANS

Published: Tue 7 Jul 2020, 4:15 PM

Last updated: Tue 7 Jul 2020, 7:12 PM

Saudi Arabia has denied reports of freezing bank accounts of expatriates whose financial dealings are higher than their wages, it was reported on Tuesday.
"There is no truth in reports circulating in some media and social networking sites that banks operating in the Kingdom are directed to freeze accounts of expatriate workers whose transactions exceed the prevalent wages of their jobs," the Saudi Arabian Monetary Authority (SAMA) tweeted.
"Banks constantly apply the necessary measures to different clients' banking accounts and take the necessary steps in line with relevant regulations and instructions," SAMA added.

Nearly 10.5 million foreign residents live in Saudi Arabia.

In recent months, the Kingdom has taken a series of measures to mitigate the economic impact of the coronavirus pandemic, including announcing a package for the private sector.
As of July 1, Saudi Arabia increased value-added tax (VAT) to 15 per cent.
It has also suspended a living cost allowance given to state employees.

IANS

Published: Tue 7 Jul 2020, 4:15 PM

Last updated: Tue 7 Jul 2020, 7:12 PM

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