SAMA confirms extension of payment deferral program until Q1 2021-end

The move comes as part of SAMA’s efforts to enable the financial sector to play its key role in supporting the private sector. (Shutterstock)

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Updated 30 November 2020

Argaam

November 30, 2020 08:33

SAMA confirms extension of payment deferral program until Q1 2021-end

Around 87,000 beneficiaries have taken part in the program since its launch on March 14, 2020

Updated 30 November 2020

Argaam

November 30, 2020 08:33

The Saudi Central Bank (SAMA) announced extending the deferred payment program to support the private sector until Q1 2021-end.

The move comes as part of SAMA’s efforts to enable the financial sector to play its key role in supporting the private sector, particularly the micro, small and medium-sized enterprises, the central bank said in a statement.

The decision also enables SAMA to maintain financial sector’s stability and support economic growth, in line with the Kingdom’s efforts to mitigate the COVID-19 pandemic fallout on various economic sectors.

The number of beneficiaries from the program, since its launch on March 14, 2020, exceeded 87,000 with SAR 77.3 billion ($20.6 billion) deferred payments, the statement added.

On Sept. 1, 2020, SAMA decided to extend the payment deferral program for 3 more months until December 14, Argaam earlier reported.