MUSCAT: The Central Bank of Oman on Tuesday directed banks, finance, and finance leasing companies to continue to grant a grace period to borrowers affected by the COVID-19 pandemic until December 31, 2021.

The individual and institutional borrowers include laid-off workers until they find a new job, employees whose wages have been deducted, retirees from the public and private sectors and SMEs holding Riyada card.

“For those retired from the public and private sectors, the maximum deduction percentage must not exceed 30 percent of the monthly pension if it is equal to or less than OMR 1500, and 35 percent if the monthly pension is more than OMR 1500,” CBO said.

Riyada card holders can be allowed to postpone their loan-repayments until December 31, 2021, “provided that work is done between the lender and the borrower to restore the normal status of payment or to schedule loans according to the expected cash flows of these institutions, before the end of this period,” CBO pointed out.