March 14, 2020 / 6:17 PM / 19 days ago

Saudi central bank announces 50 bln riyal coronavirus financing package

CAIRO, March 14 (Reuters) - Saudi Arabia’s central bank said on Saturday it had prepared a 50 billion riyal ($13 billion) package to help small and medium-sized enterprises cope with the economic impacts of the coronavirus outbreak.

The funding from the Saudi Arabian Monetary Authority (SAMA) is aimed at granting SMEs six-month deferrals on bank payments, concessional financing and exemptions from the costs of a loan guarantee programme.

$1 = 3.7533 riyals Reporting by Hesham Abdul Khalek; Writing by Stephen Kalin; Editing by Catherine Evans

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