The Saudi Arabian Monetary Authority (SAMA) has adopted a package of new precautionary measures in support of efforts to confront the effects of the spread of the Coronavirus (COVID-19) pandemic on various economic sectors, and follow up on its impact on financial markets and the economy.

            SAMA indicated that the measures taken include: Supervisory measures and their precautionary policies to counter the effects of the Coronavirus; This is in support of SAMA for the banks at the present time and helping them focus on providing the best banking services to their Consumers and meeting their financing needs in the current circumstances.

            SAMA also instructed banks for The importance of adhering to a set of support means to their customers at this time and enabling them to confront the effects of the spread of the Coronavirus, in addition to the importance of their support for the private sector to mitigate the effects of low cash flows, including:

            Supporting and financing the private sector by taking precautionary measures in the interest of the customer, banks and the economy. This can be obtained through modification or restructuring of existing funds without any additional costs or fees; To mitigate the effects and enable them to continue practicing their activities and approve and implement the plans of their clients from the private sector to maintain employment levels for enterprises affected by the spread of the Coronavirus. Moreover, by providing financing needs and the necessary support to individual customers who have lost their jobs in the private sector and exempting all customers from fees for conducting operations through Electronic channels, and from fees below the minimum balance, and from any fees imposed on refinancing operations or termination of existing agreements (whether financing or by deposits). For a period of at least six months, in addition to reviewing the reassessment of interest rates and other fees on credit cards, for existing customers or new customers, in line with the current low interest rates as a result of economic conditions. In addition to returning any foreign currency transfer fees imposed by the bank to customers wishing to cancel them or those who canceled travel-related reservations made using credit or cards linked to their checking (mada) or prepaid accounts. SAMA asserts; It is monitoring all developments in the effects resulting from the spread of the Coronavirus on various economic sectors, including the banking and financial sector. SAMA will provide all the necessary support means to maintain the safety and stability of the financial sector and enable it to support and finance various activities and other economic sectors, as SAMA emphasizes on the banks; The importance of monitoring all developments and challenges and the extent of their impact on the levels of capital adequacy rates, liquidity, and other financial safety indicators.