SAMA directs banks to postpone 3-month installment for Saudi workers covered by SANED

Saudi Arabian Monetary Authority (SAMA) directed banks to postpone repayment of loan installment for 3 months for Saudi workers supported by the unemployment insurance program (SANED).

The central bank said on its Twitter account that the decision will be effective as of April 2020, noting that deferring instalments shall take place without any additional charges.

It added that clients do not need to submit any request to the bank.

The announcement follows the Royal Decree for the payment of SAR 9 billion in financial support to over 1.2 million citizens working in the private sector facilities, which are hit by the rapid spread of coronavirus.

The government will cover 60% of Saudi employees’ wages registered in the social insurance system, through SANED for 3 months at a maximum limit of SAR 9,000 monthly.