Suspension of work in Saudi banks and institutions due to Corona

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Suspension of work in Saudi banks and institutions due to Corona

Attempts to besiege the Corona virus (AFP)
Suspension of work in Saudi banks and institutions due to Corona

March 17
                            2020

The Saudi Arabian Monetary Agency (the Central Bank) said that it had asked its employees to suspend work at the headquarters and branches, and to implement remote work procedures for financial institutions, except for critical jobs.The Foundation explained, in a statement, that the decision is in line with the government’s directive to suspend the attendance of employees in all government agencies, “except for the health, security and military sectors.”

She said that she “worked to activate the business continuity plan, to ensure that payment system services are not interrupted and that the financial and banking system continues to operate.”

Saudi Arabia urged its citizens, yesterday, Monday, to stay in their homes, and said it was considering suspending work in the private sector, after applying that in the public sector, except in the areas of health and security.

In the statement, the Monetary Agency added, “It has been emphasized that financial institutions should have the work of public departments and branches with the minimum number of employees necessary for business to continue, bearing in mind that a minimum number of branches is allocated to provide only the necessary services that cannot be provided through electronic channels.”

The Kingdom has confirmed 133 cases of the new Corona virus recorded so far. Likewise, the Saudi Ministry of Human Resources and Social Development issued an interim guide to working remotely in the private sector.

And the Arab Monetary Agency announced, reducing the rate of repurchase (repo) and reverse repurchase agreements by 75 basis points, and reducing the repurchase rate from 1.75% to 1%, and the reverse repurchase rate from 1.25% to 0.50%.

The corporation also confirmed that it would intervene to support the Kingdom’s economy if a liquidity problem or credit was affected. He reiterated the commitment to the exchange rate of the riyal against the dollar.

The Saudi regions announced on Twitter the closure of malls, restaurants, cafes and public parks, but excluded from the closure supermarkets, pharmacies and home delivery services.

In the early hours of Monday morning local time, the Saudi News Agency reported that the kingdom decided to suspend work in all sectors of the government except health and security for 16 days as part of efforts to contain the spread of the virus, and the Ministry of Justice postponed all court sessions that were not urgent.

(Reuters, the new Arab)

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