The Saudi Arabian Monetary Agency (SAMA) has adopted a new package of precautionary measures to address the effects of the spread of the Corona virus pandemic.


According to Arabia Net, the Monetary Agency indicated that the measures taken include supervisory measures and precautionary policies to counter the effects of the Corona virus, in support of the institution for banks at the present time and help them focus on providing the best banking services to their customers and meeting their financing needs in the current circumstances.


The Foundation also 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.


For his part, Abdullah Al-Hamed, head of investment advice at GIB Capital, in an interview with Al-Arabiya, described the great efforts of the Saudi government in facing Corona as one of the most effective and important to deal with the repercussions of this pandemic.


He said that efforts in the Saudi health sector are accompanied by a positive and strong interaction from various sectors, technical and financial, from the Ministry of Finance and the Saudi Arabian Monetary Agency Sama, which have done several packages and measures that will have a direct and positive impact on facing the financial and economic repercussions.


He stressed that the Saudi banks are in a very excellent position, considering that the banking packages approved for small and medium enterprises reflect effective and supportive movements of the economic system and will have a positive impact on the broader segment of the economy in the Kingdom.

Among the measures adopted by the Saudi Arabian Monetary Agency:

Supporting and financing 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 the current funds without any costs or fees. Additional; to mitigate the effects and enable them to continue in their activities and to adopt and implement their clients ’private sector plans to maintain employment levels for enterprises affected by the spread of the Corona virus, by providing funding needs and providing the necessary support to individual clients who have lost their jobs in the private sector.


All customers will be exempt from online transaction fees, from the lower balance fee, and from any fees imposed on refinancing or termination of existing agreements (either financing or by deposits), and for at least six months.
The revaluation of interest rates and other fees on credit cards will be reviewed either for existing customers or new customers, in line with the current low interest rates as a result of economic conditions, and the return of any foreign exchange transfer fees imposed by the bank to clients wishing to cancel them or who have canceled travel-related reservations , Which was ...