SAMA requires banks to finance the private sector with special facilities at this stage

The Saudi Arabian Monetary Authority (SAMA) stressed the importance of banks providing a range of support measures to their customers at this time and enabling them to cope with the effects of the spread of the Coronavirus, in addition to the importance of supporting and financing the private sector to mitigate the effects of reduced cash flows.

SAMA called on banks to support and finance the private sector by taking precautionary measures that benefit both the customer, the bank, and the economy, whether by modifying or restructuring existing financing without any additional costs or fees, to mitigate the effects and enable them to continue their activities and adopt and implement their private sector customers" plans to maintain employment levels for establishments affected by the spread of the Coronavirus, by providing financing needs and providing the necessary support to individual customers who have lost their jobs in the private sector, and exempting all customers from fees for conducting transactions through electronic channels, from fees for the balance falling below the minimum, and from any fees imposed on refinancing operations or the termination of existing agreements (whether financing or on the side of deposits), for a period of at least six months.

The banks noted that they are reviewing and reassessing interest rates and other fees on credit cards for both existing and new customers, in line with the current decrease in interest rates due to economic conditions, and refunding any foreign currency conversion fees imposed by the bank for customers who wish to cancel or have canceled travel-related bookings made using credit cards or cards linked to their current (Mada) or prepaid accounts.

Related topics: Real estate – Property disposal regulations – International real estate – Financing

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