Saudi banks to postpone 3-month installment payments

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The Saudi Arabian Monetary Authority directed banks to postpone the payment of 3-month installments for all financing products without any fees due to the outbreak of coronavirus.

The directives, which start from the beginning of the month, target Saudi workers who are covered according to the system of unemployment, the authority said.

The program consists of three main components that aim at mitigating the fallout of precautionary measurements to combat coronavirus on the micro, small and medium-size establishments sector, namely to mitigate the burdens of monetary flow fluctuation, backing up the standing and working capitals in the sector, and enabling it to grow during the next period, and to contribute in supporting the economic growth and maintain the levels of employment in the private sector.

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SAMA’s sponsored program has also highlighted in delaying repayments by depositing about SR30 billion for the banks and funding companies against delaying repayments to the financial sector dues by the small and medium size sector for 6-month with immediate effect, and a program for funding lending and crediting through providing affordable financing for micro, small and medium size establishments worth SR13.2 billion.

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