Saudi Arabia has denied reports of freezing bank accounts for ex-pats whose financial transactions are higher than their wages, it was reported Tuesday.
“It is not true in reports circulating in some media and social networking sites that the banks operating in Gingdom are aimed at freezing the accounts of expatriate workers whose transactions exceed the prevailing wages of their jobs,” the Monetary Authority of Saudi Arabia (SAMA).
“Banks constantly apply the necessary measures to the bank accounts of different customers and take the necessary measures in accordance with the relevant regulations and instructions,” added SAMA.
Migrant workers represent approximately 10.5 million of Saudi Arabia’s 34.8 million population, reports Gulf News.
In recent months, the Kingdom has taken a series of measures to shore up its economy and support the private sector affected by the economic impact of an outbreak of the new coronavirus and low oil prices.
Starting July 1, Saudi Arabia began to apply an increase in the value-added tax (VAT), tripling the tax to reach 15 percent. It has also suspended a cost of living allowance given to state employees.
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