Sama injects $13 billion as banks prepare to reopen
Saudi central bank directs financial firms to “gradually return” to normal operations
The Saudi Arabian Monetary Authority has injected 50 billion riyals ($13.3 billion) into the banking sector, as it urges financial firms to begin a return to normal operations.
Sama says the injection is designed to ensure the banking sector is able to continue lending to private firms, as the economy begins to recover from the Covid-19 shock. The banking sector remains strong, the central bank says in a statement, with assets up 14% in the first quarter of 2020 relative to a year ago.
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