KSrelief medical clinics provide services in Hodeidah    HRH Crown Prince Congratulates President of Finland on His Country's Independence Day    Saudi Press: Saudi Arabia Leads Collective Efforts to Confront COVID-19 Pandemic    Prince Fahd Bin Jalawi selected as chairman of West Asian Triathlon Federation    COVID-19: Right decisions now will secure a life of dignity for all    KSrelief, FAO provide support to over 8,000 Yemen's families from fishing community    Japan to set up 2tr yen fund for green tech development: Suga    Weather Forecast for Saturday    Saudi Aramco: Normal operations in Jazan distribution center restored    Medical team at Jeddah's King Fahd Hospital removes 7kg tumor from woman's abdomen    Seoul Stocks Pierce 2,700-Point Mark to Hit All-Time High    UN vows humanitarian support as Armenia, Azerbaijan negotiate over Nagorno-Karabakh    UN working at ‘full speed' to prepare for humanitarian mission to Ethiopia's Tigray    Bahrain denies reports over import of goods from West Bank, Golan Heights    New Coronavirus Infections in France Remain on Downward Trend    Worldwide coronavirus cases cross 65.01 million, death toll at 1,507,319    KSrelief Nutritional Medical Clinics Continue Providing Treatment Services, in Hodeida, Yemen    Sullivan two clear of Wallace in Dubai    Saudi Arabia ranks first in Arab world, 22nd globally in Global AI Index    Saudi leaders congratulate Thai king on National Day    Sadara launches on-job training for Saudi fresh graduates    The Joint Forces Command of the Coalition to Restore Legitimacy in Yemen: Interception, Destruction of Bomb-Laden UAV Launched by Terrorist, Iran-Backed Houthi Militia Toward the Kingdom    Yamaha's Adrien Van Beveren tops massive bike and quad entry for Hail Bajas    President of IsDB Meets with Benin's Minister of State in Charge of Planning and Development    Saudi Aramco Reports Pumps Technical Failure in Jazan's Petroleum Derivatives Distribution Station    Sullivan breaks course record with a 61 to lead DP World event    UAE marks 49th National Day with 5 different GWR attempts    Saudi Stock Exchange Main Index Ends Trading Lower, at 8,694.13 Points    Saudi Arabia is the Safest among G20 Countries According to International Indicators    ARM, BUTT Sports, CSG, ICAD, M Eagles, R Jurana maintain winning streak in Ace Travel Saudi Cu    British actor Prowse who played Darth Vader dies aged 85    Mahrez hat-trick as Manchester City thrash Burnley 5-0 yet again    Late penalty leaves Liverpool with draw at Brighton    Improving immunity key reason to participate in Dubai Fitness Challenge    Argentina Soccer Legend Maradona Dies of Heart Attack    Coman rescues 1-1 draw for Bayern against Werder    MCIT Launches Initiative to Raise Awareness on Cyberbullying    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Saudi Medical Team Restore Young Man's Lost Vision, One Year later    KSrelief Organizes Awareness Campaign on Breast Cancer in Aden Governorate, Yemen    Ithra Signs Agreement with Supreme Council of Antiquities of Egypt    Court facilitates young woman's marriage after stripping father's guardianship    Bahrain's top Islamic body condemns attempts to insult Muslim symbols    Saudi man accused of harassing foreign wife asked to be produced before court Court allows divorce, custody of children by mother    S. P. Bala, legendary Indian singer, dead at 74    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Soft SAMA loans for companies to pay salaries, says Al-Khulaifi
Published in The Saudi Gazette on 30 - 03 - 2020

RIYADH — Ahmed Al-Khulaifi, governor of Saudi Arabian Monetary Authority (SAMA), announced that repayment of installments of banking loans will be postponed for all those who lose their jobs due to the direct or indirect impact of coronavirus crisis.
"Delaying repayment of individual loan installments from various financing products is permissible as long as the job is lost due to the current circumstances. The beneficiaries include individual borrowers as well as those who engage in their own free trade, and they have to submit a request in this regard to banks," Al-Khualifi clarified in an interview with Al-Arabiya net.
Al-Khulaifi said SAMA supported providing interim soft loans to companies in order to pay salaries. He appreciated the position of Saudi banks in this regard with their cooperation in the stimulus packages launched by the central bank to withstand the effects caused by the preventive measures against coronavirus.
The central bank chief stressed the strength of the financial position of the Saudi banking sector and its ability to serve Saudi economy in these circumstances. He attributed this ability to the precautionary and control measures pursued by SAMA.
"The world's economies are passing through a critical period and there is a need to support large companies and small and medium sectors," he said underlining the need to support enterprises through supporting individuals, business continuity, and payment of salaries.
"We have provided soft interim loans that extend up to six months, and we have focused on those who lose their jobs these days with inclusion of postponement of installments payment of various financing products," he said.
Al-Khulaifi said the goal of SAMA measures is to reduce the burden of economic impacts of coronavirus crisis on business establishments, describing what was announced on Sunday by the central bank as an expansion and addition to a previous package that targeted medium, small and micro enterprises due to their inability to bear with the fallout of the crisis.
Therefore the package was instant to cover all the private sector enterprises. The governor said that the latest package from SAMA comes in a more comprehensive and general way and there are precautionary measures to ease burden on banks with giving them additional operating capacity, as well as serving the interests of customers with procedures that support working capital, protecting employment, and give enterprises the opportunity to restructure loans without extra charge.
Al-Khulaifi appreciated the banks' cooperation in implementing these support packages. "All CEOs of banks extended their active cooperation with the procedures taken during a recent meeting with them," he said.
On Sunday, SAMA said it has instructed local banks to restructure financing for customers without extra fees as well as to provide financing needed by customers who lose their jobs. The central bank said banks should review interest and other fees levied on credit cards in line with the recent drop in interest rates. The guidelines are part of measures aimed at stemming the impact of the coronavirus outbreak, it said in a statement carried by the Saudi Press Agency.
SAMA pledged support to bank customers who lose their jobs as a result of the coronavirus crisis and offered financial support for any ensuing charges.
The central bank instructed that rates will be preserved by providing necessary support to individual customers who have lost their jobs in the private sector, and that all customers shall be exempted from e-transaction fees, minimum balance fees and from any fees imposed on refinancing operations or on terminating existing agreements for a period of at least six months.
"The steps taken include supervisory measures and their precautionary policies to counter the effects of the coronavirus. This aims to support banks at the present time and help them focus on providing the best banking services to their customers to meet their financial needs."
The central bank emphasized that it was important for banks to support their customers through various means so that they can withstand the impact of the epidemic as well as to support the private sector to mitigate the effects of a drop in cash flow.


Clic here to read the story from its source.