SAMA CIRCULAR ON BANKS’ OBLIGATIONS DURING COVID-19 CRISIS

The Saudi Arabian Monetary Authority has issued SAMA Circular No. 41051339/1441 dated 29/03/2020, which mandated the obligations of banks towards individuals and the private sector during this crisis, including an obligation to contact clients from the private sector who are harmed by the precautionary measures to offer amendments or restructuring of loans, implement plans to continue to pay employee wages such as short term loans, and inform SAMA immediately of these measures. In addition, the circular obligates banks to suspend online service fees and other charges and suspend the repayment of individual loans for a period not less than 6 months.

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