RIYADH, June 2 (NNN-SPA) – Saudi Arabia announced, on Monday, the pumping of 50 billion riyals (13.3 billion U.S. dollars) into the banking system, the Arabiya TV reported.
The Saudi Arabian Monetary Authority’s (SAMA’s) decision, comes, to manage the fallout from the coronavirus and the drop in oil prices.
The amount will boost credit facilities to the private sector, help banks amend restructure loans, without additional fees, and support private sector employment.
SAMA had previously unveiled a 50-billion-riyal programme, to help mostly small private businesses in the country.
Saudi Arabia has been taking solid steps, to reduce the economic implications of the spread of coronavirus, including reducing state expenditures and increasing the percentage of the value-added tax (VAT) from five to 15 percent.
