The Saudi Arabian Monetary Agency (SAMA) has approved a new precautionary measures package aimed at supporting efforts to confront the effects of the spread of the Coronavirus / COVID-19 pandemic on various economic sectors, and to monitor its impact on financial markets and the economy.
The Corporation stated in a statement issued today that the assertion of the measures taken includes supervisory measures and precautionary policies to counter the effects of the Corona virus, in support of the Foundation for banks at the present time and help them focus on providing the best banking services to their clients and meet their financing needs in the current circumstances.
The Foundation stressed on the banks, the importance of commitment to provide a set of support means to their customers at this time and enable them to face the effects of the spread of the Corona virus, as well as the importance of their support to the private sector to mitigate the effects of low cash flows.
The Corporation called on banks to support and finance the private sector by taking precautionary measures that are in the interest of both the customer, the bank, and the economy, whether by adjusting or restructuring existing funds without any additional costs or fees to mitigate the effects and enable them to continue to practice their activities and approve and implement their clients ’plans It is from the private sector to maintain employment levels for enterprises affected by the spread of the Coronavirus.
She noted that this is done by providing financing needs and providing the necessary support to individual clients who have lost their jobs in the private sector and exempting all customers from fees for conducting operations through electronic channels, and from fees for low balance below the minimum, and from any fees imposed on refinancing or termination operations Existing agreements (whether funded or by deposits), and for a period of at least six months.
She added that a review of the interest rates and other charges on credit cards can be reviewed either for existing customers or new customers, in line with the low interest rates currently as a result of economic conditions, and return any transfer fees for foreign currency imposed by the bank to clients who wish to cancel it or who canceled related reservations Travel, that was made using credit cards or cards linked to their current accounts / range / prepaid.
The Foundation stressed that it is following all developments of the effects resulting from the spread of the Corona virus on various economic sectors, including the banking and financial sector. The Foundation will provide all necessary means of support to maintain the integrity and stability of the financial sector and enable it to support and finance various activities and other economic sectors. Banks: the importance of following up all developments and challenges and their impact on levels of capital adequacy and liquidity levels, and other financial safety indicators.