Saudi Arabia Central Bank To Allocate $13Bln To Support Banking Sector Amid Pandemic

Saudi Arabia Central Bank to Allocate $13Bln to Support Banking Sector Amid Pandemic

The Saudi Arabian Monetary Authority (SAMA) central bank will allocate 50 billion Saudi Riyals ($13.3 billion) to support the country's banking and private sectors amid the COVID-19 crisis, the official Saudi Press Agency (SPA) reported on Monday

MOSCOW (Pakistan Point News / Sputnik - 01st June, 2020) The Saudi Arabian Monetary Authority (SAMA) central bank will allocate 50 billion Saudi Riyals ($13.3 billion) to support the country's banking and private sectors amid the COVID-19 crisis, the official Saudi Press Agency (SPA) reported on Monday.

SAMA decided to appropriate the funds in an effort to strengthen the liquidity of the country's banking sector and expand its abilities to provide loans to clients from the private one, SPA reported.

According to the news agency, these measures are aimed at maintaining employment in Saudi Arabia's private sector and funding the latter through the restructuring of financial resources without any additional payments.

On Monday, the Health Ministry of Saudi Arabia said that it has confirmed 1,881 COVID-19 cases in a slight increase compared to the 1,877 positive tests recorded on the previous day. The total count of those infected in the country has reached 87,142. The tally of recoveries has risen by 1,864 to 64,306, while the death toll now stands at 525, the ministry said.