The central bank is considering extending the fiscal stimulus plan to March 2021


The Governor of the Saudi Central Bank (SAMA) Ahmed Al-Khulaifi said: The bank is studying the extension of its stimulus plans to the end of the first quarter of 2021, and Al-Khulaifi explained in a press statement yesterday that the banking sector, like other sectors, was affected by the Corona pandemic, but the bank intervened and pumped liquidity, which mitigated the impact, revealing On a study to extend support for some sectors by the end of the first quarter of 2021.

He added: What worries in case of crises is the quality of assets and the bank is still monitoring it closely in all activities, indicating that loans have increased from 1.9% to 2.3%. He described it as a “surplus”, indicating that the central bank would continue to supervise the sectors supervised by the institution as well as the monetary policy, and confirmed that the sectors subject to the supervision of the central bank would not change, and that the cash in circulation is currently 190 billion riyals, and the financing packages were targeted in the first phase, which lasted 6 Months of postponement of installments and some government fees to support private sector enterprises in facing the repercussions of the pandemic.

He said: The strengthening of cross-border cash payments is one of the most prominent things the G20 has worked on during this year, pointing out that it has come a long way in canceling the interbank interest rate index, or what is known as Libor, and the governor ended his statement, saying: “We are looking for alternatives and there is a long way to go. The specified time is the end of 2021, and we hope to achieve this target. ”The bank had approved a financing stimulus package worth 50 billion riyals at the beginning of the Corona crisis.

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