Saudi central bank injects SR50bn to support liquidity of banking system

Saudi central bank injects SR50bn to support liquidity of banking system

Latest cash boosts from Saudi Arabian Monetary Authority follow March fund to support SMEs, employment. RIYADH: The Saudi Arabian Monetary Authority (SAMA) is set to inject SR50 billion in the banking system to enhance the liquidity in the sector, the Saudi central bank said.. The stimulus package aims to enhance its liquidity and enable banks to continue providing credit facilities to their clients, SAMA added.. Dr. Ahmed Alkholifey, governor of SAMA, told Al-Arabiya that the funds will come in the form of one-year no-interest deposits in all Saudi banks.. Talat Hafiz, secretary-general of the Media and Banking Awareness Committee for Saudi banks, said that SAMA's new stimulus package is an extension to initiatives taken by the central bank to ensure the stability of the system amid the coronavirus crisis and its economic impacts.. "It's one of SAMA's monetary tools that it uses to ensure there is enough liquidity in the banking sector to enable banks to carry out their duty of financing the private sector in general and the SMEs " he told Arab News.. "Reaching the stage in the project and resuming construction work under these difficult circumstances indicates confidence in the investment environment in Saudi Arabia and its