Saudi Arabia's SAMA considers extending stimulus plans until Q1 2021

The banking sector, like other segments, was affected by the coronavirus crisis, but the pandemic's impact was cushioned as SAMA intervened and injected liquidity: Governor

  
A Saudi money exchanger wears gloves as he counts Saudi riyal currency at a currency exchange shop in Riyadh, Saudi Arabia March 10, 2020.

A Saudi money exchanger wears gloves as he counts Saudi riyal currency at a currency exchange shop in Riyadh, Saudi Arabia March 10, 2020.

REUTERS/Ahmed Yosri

Riyadh – Governor of the Saudi Arabian Monetary Authority (SAMA), Ahmed Alkholifey, said the authority is currently studying extending SAMA’s stimulus plans relating to payment deferral until the end of the first quarter (Q1) of 2021.

In an interview with Al Arabiya TV, Alkholifey said that the banking sector, like other segments, was affected by the coronavirus crisis, but the pandemic's impact was cushioned as SAMA intervened and injected liquidity.

He added that what matters during times of crises is the quality of assets, stressing SAMA’s hope to lessen the pandemic effect through the programmes it launched.

Moreover, the governor saw no need to inject more liquidity into the banking sector as it enjoys very high levels of liquidity.

Speaking about the recent amendments to change SAMA’s name to the Saudi Central Bank, he pointed out that neither of the sectors SAMA supervises nor the monetary policy will differ afterwards.

Furthermore, he highlighted that updating the system, which was first incorporated in 1957, is crucial to keep pace with the changes.

Source: Mubasher

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