The Saudi Arabian Monetary Agency (SAMA) has approved a package of new precautionary measures supporting the efforts being exerted to confront the impacts of the spread of the Coronavirus (COVID-19) pandemic on various economic sectors, it announced here today. The announcement added that it is going to follow up its impact on financial markets and the economy. In a statement, SAMA indicated that the measures taken include supervisory measures and precautionary policies to counter the impacts of the Corona virus in order to support banks to help them focus on providing the best banking services to their customers and meet their financing needs in the current circumstances. SAMA affirmed that it is important for banks to provide a group of support means to their customers at this time in order to enable them confront the impacts of the COVID-19 spread, in addition to the importance of supporting the private sector to mitigate the impacts of low cash flows, including: -Supporting and financing the private sector by taking precautionary measures that are in the interest of the customer, the bank, and the economy, whether by adjusting or restructuring the current funds without any additional costs or fees in order to mitigate the impacts and enable them continue to practice their activities. -Supporting and financing the private sector to accredit and implement their private-sector customers' plans in order to maintain the employment levels for the entities affected by the spread of Corona virus through providing funding needs and providing the necessary support for individual customers who have lost their jobs in the private sector. -Exempting all customers from fees for conducting operations through electronic channels, from fees for below-minimum low balance, and from any fees imposed on refinancing operations or termination of existing agreements (whether through financing or by deposits), for a period of at least six months. -Reviewing reassessment of interest rates and other fees on credit cards, whether for current or new customers in line with the current low interest rates due to the economic circumstances. -Refunding any foreign exchange transfer fees imposed by banks on customers who wish to cancel them or who have canceled travel-related reservations, which were implemented by using credit cards or cards linked to their current accounts (mada) or prepaid option.
