The Saudi Arabian Monetary Authority (SAMA) on Monday denied rumors claiming that the bank accounts of expatriate workers in the Kingdom whose financial transactions exceed their wages would be frozen.
The rumors spreading in the country on some media and news websites stating that SAMA has issued a directive to banks and other financial institutions in the Kingdom are baseless, the authority said.
All banks and financial institutions will continue to apply procedures with due diligence when it comes to handling their customers’ accounts, according to SAMA.
The necessary measures will be followed, it added.
The news comes as the coronavirus pandemic has left employees and expatriates around the world worried about job stability and the effect the outbreak will have on the global economy.
Saudi Arabia has reported a total of 213,716 confirmed COVID-19 cases and 1,968 virus-related deaths so far.