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Banks in a GCC country freezes personal loan repayments

The Central bank in Oman has announced the decision to freeze all the repays of personal loans. The central bank has asked all banks and financial institutions in the country to freeze repayments of personal and housing loans for three months.

The decision was taken by the central bank to help people amid the coronavirus crisis. The decision will take effect in May and no additional commission fees will be required from customers. The central bank also informed that the  banks should restructure loans if needed.

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