Banks are the first Saudi sectors to work with precautionary measures from {Corona}

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Banks are the first Saudi sectors to work with precautionary measures from {Corona}

Begin a government statistical survey to measure the impact of the pandemic on all commercial activities

Wednesday – 6 Ramadan 1441 AH – 29 April 2020 AD Issue number [
15128]

The Saudi banking sector opens its doors with full working hours (Middle East)

Riyadh: Fath Al-Rahman Youssef

The first full lifting of the ban on activities in the Saudi private sector was launched yesterday in Saudi Arabia, as the Saudi Arabian Monetary Agency announced the start of full operation of bank branches and transfer centers, while obliging them to take precautionary measures to prevent the emerging corona virus.
This comes in the wake of a royal decree at the end of the week to partially lift the curfew in all regions of the Kingdom (with the exception of Makkah and the neighborhoods previously isolated in previous decisions), and to allow certain economic and commercial activities to be opened and exercised for their activities in the aforementioned grace period.
The «Monetary Agency» imposed on banks to adhere to the working hours specified in its instructions issued regarding work times in the holy month of Ramadan and Eid al-Fitr, stressing the need to adhere to the necessary precautionary measures set by the Ministry of Health in accordance with the preventive guide for Corona virus in the workplace.
In this regard, banking analyst Fadl bin Saad Al-Buainain told Al-Sharq Al-Awsat: “Despite the Corona pandemic and the precautionary precautions that required the suspension of banks’ work, some branches opened their doors to provide services to customers along with electronic services because of the sector’s importance to the economy and the importance of having branches to deal with Operations that cannot be performed through the electronic network.
Al-Buainain pointed out that the return of all banks to work again is very important at the present time, as the banking sector is the heart of the economy and its arteries through which liquidity passes, adding that in no way can its services be dispensed with or be totally disrupted.
According to Al-Buainain, it appears that the reopening of banks is a positive indication of the health reality and plans to confront Corona, as it is an indication of the importance of the sector’s return to support the economic activities that were allowed to open again, stressing that the private sector cannot work in isolation from the banking sector; therefore the return of banks is considered a catalyst The private sector has to work, productivity and secure financial transactions, especially in the credit sector.
Al-Buainain said that the liquidity of Saudi banks is reassuring; the Monetary Agency is working to strengthen it whenever it needs it, pointing to the support of the Saudi Arabian Monetary Agency (SAMA) for the financial sector by 50 billion riyals (13.3 billion dollars) to ensure the availability of liquidity after delaying the premiums of the private sector.
He added that «the Corona pandemic promoted the growth of electronic transactions and digital payments through points of sale … there is expected significant growth that occurred in a short period of time and only that it will turn into a sustainable culture, which is very important».
Al-Buainain believes that the “Monetary Agency” played a pivotal role in supporting the financial sector during the Corona pandemic and succeeded in harmonizing the due health precautions and the importance of the banking sector’s work in its human front which provides the service and does not harm employees and customers, as it has worked professionally in providing liquidity and supporting banks and support Small and medium enterprises financial support packages mitigated the consequences of the pandemic.
In another development, the General Authority for Statistics invited all private sector establishments to participate in filling in the electronic form for a survey of “the impact of the emerging corona virus pandemic on commercial activities” with the aim of measuring the extent of the impact of the pandemic on commercial activities compared to the reality of their performance before March of the current year 2020 , Confirming that the survey targets all Saudi commercial activities without exception.
The General Authority for Statistics indicated that the statistical survey that was launched last Monday will be collected through a short electronic form, and collected via the Internet by commercial establishments over a period of 14 days, adding that contributing to the completion of survey data through the electronic form will contribute to official support Policies and decision-makers in the country to build a system of measures to achieve stability for commercial activities in a tangible and urgent manner, and to support them in accordance with what achieves them the desired sustainability.

Saudi

Economy







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