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Saudi Banks Postpone Payments for Health Workers

Saudi Banks Postpone Payments for Health Workers

Monday, 23 March, 2020 - 11:45
Kingdom Center Tower in Riyadh, Saudi Arabia (File photo: Reuters)
Riyadh- Asharq Al-Awsat

Saudi Arabian Monetary Authority (SAMA) has instructed all local banks to postpone payments for all public and private health workers who have credit facilities for three months starting from April “in recognition of their enormous efforts to safeguard the health of the citizens and residents," in light of the coronavirus spread.

SAMA said in a statement that this is a continuation of the banks' role in supporting the country and its citizens.

The Authority indicated its initiative stems from the message of the Custodian of the Two Holy Mosques, King Salman, to health workers where he thanked them for their great efforts during this critical stage.

Also recent developments in public health had its effects on the financial markets, companies, and individuals, prompting SAMA to launch this initiative.

Saudi Arabia announced a number of measures to mitigate the impact of the current global economic challenges, including incentive packages to help companies through the provision of tax exemptions, postponement of government fees, and other forms of support.

Earlier, Finance Minister Mohammed al-Jadaan said that companies will be allowed to postpone the payment of value-added taxes and selective goods for about three months. He also announced that expatriate fees charged by the government for employing foreigners and obtaining residence visas for extended periods of time will be removed for this period.

For its part, al-Ahli Bank announced it will allow postponement of payment of personal, real estate, and leasing financing installments for public and private health workers for a period of three months.

The Bank said it wanted to support the workers in health sector for their efforts, sincerity, and dedication given the current circumstances with the coronavirus pandemic.

Ahli said this step was in line with the instructions of the Saudi Arabian Monetary Authority in appreciation of the role of health workers and their efforts to combat the emerging coronavirus (Covid-19).

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