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Saudi Credit bank to write off SR2.5bn in loan defaults

The Saudi Credit and Savings Bank has said it has been instructed by King Abdullah to exempt 141,000 defaulters from payment of 24 instalments of their combined debt of SR2.5bn, Saudi Gazette has reported. The defaulters were on the waiting list of the social loans programme since 2011, when a royal order was issued exempting them from repaying the loans, the state-owned lender said.