Saudi Arabia, Virus News: Banks Told to Support Businesses - Bloomberg:
Saudi Arabia’s central bank is ordering lenders to provide concessional loans to businesses grappling with the fallout of the coronavirus so companies won’t have to cut jobs.
The Saudi Arabian Monetary Authority wants banks to immediately put in place a lending program for at least six months to “assist in maintaining employment levels,” according to a document sent by the regulator to lenders and seen by Bloomberg. Banks should also provide relief on debt repayments for any customers that have already been dismissed, SAMA, as the central bank is known, said in the circular.
The measures “will come at a cost to shareholders as banks’ revenue will be put under more pressure by the waivers on fees and some interest charges,” Bloomberg Intelligence analyst Edmond Christou said in a note.
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