Saudi central bank provides $13.3 billion to support bank liquidity

Saudi central bank provides $13.3 billion to support bank liquidity

The Saudi central bank said it provided 50 billion riyals ($13.3 billion) to support liquidity in the banking sector, according to a statement on twitter on Monday.

The stimulus measure was introduced to help banks support and finance the private sector, the Saudi Arabian Monetary Authority (SAMA) said, as the economy suffers from low oil prices and measures to contain the coronavirus pandemic.

SAMA said the banking sector was "still registering good performance indicators, enhancing its ability to face challenges and crises."

Lending to the private sector increased in April by 12.2% year on year and by 0.9% month on month, SAMA data published late on Sunday showed.

The central bank’s net foreign assets dropped sharply for a second consecutive month in April as the kingdom used tens of billions of dollars to back investments of its sovereign fund abroad, Reuters reported.

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