JEDDAH:

The Pak Banker - - FRONT PAGE -

Saudi Ara­bia's cen­tral bank has tight­ened re­stric­tions on cash with­drawals from banks us­ing credit cards in an ef­fort to head off any con­sumer debt prob­lems. Pre­vi­ously, un­der an in­for­mal in­dus­try ar­range­ment cus­tomers could ob­tain cash ad­vances equiv­a­lent to as much as 50 per­cent of their monthly credit card spend­ing lim­its, pay­ing hefty fees to do so, bankers said. An of­fi­cial ceil­ing of 30 per­cent has been im­posed, ac­cord­ing to reg­u­la­tions posted on the cen­tral bank's web­site.

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