MUSCAT: Central Bank of Oman (CBO) has directed local banks, finance and leasing companies to postpone the repayment of loans of Omani citizens who have been terminated from jobs.
According to the circular issued, the CBO the financial institutions to stop the repayments for a period of 12 months from the start of their lay-off date without any interest. “This also includes future cases (lay-offs) as well,” the circular said.
The decision comes as part of the economic stimulus package approved by His Majesty Sultan Haitham Bin Tarik.
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Meanwhile, the CBO also directed financial institutions to stop taking loan repayments for those Omani employees whose salary have been reduced due to the adverse impact COVID-19 until the end of September 2021.
