Coronavirus: Saudi banks to postpone repayment of loans for health employees

Saudi Arabia’s Central bank Ahmed al-Kholifey. (File photo: Reuters)

Saudi Arabia’s central bank announced on Sunday that the Saudi Arabian Banks in the Kingdom will postpone repayment of loan installments for three months for employees working in the health sector, due to coronavirus outbreak.

Saudi Arabian Monetary Authority (SAMA), the central bank in the Kingdom, announced the initiative on its Twitter account.

On March 15, Ahmed al-Kholifey, the governor of SAMA told Al Arabiya that the central bank is ready to intervene should the Kingdom’s liquidity situation become too tight or credit becomes effected.

On Monday, governors from central banks across the Gulf Cooperation Council (GCC) said that the regional financial sector is strong enough to face the deadly coronavirus pandemic, according to a statement released by UAE state news agency WAM.

Read the latest updates in our dedicated coroanvirus section.

The governors were speaking via video conference about how to implement measures to ease the impact that the virus has had on economies in the Arabian Gulf.

Monetary institutions and central banks in the GCC will continue to monitor the situation, with the governors stressing that they will use all tools of monetary policy available to them to achieve strong, sustainable, balanced, and comprehensive growth while dampening the economic fallout of the coronavirus, the statement said.

Read more:

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Last Update: 07:05 KSA 10:05 - GMT 07:05
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