All Saudi banks work towards reassuring investors on oil amid coronavirus

Twin building of Alinma Bank with symbol of fish, landmark of Riyadh, Saudi Arabia

Saudi Arabia’s central bank had spent its net foreign assets in March at the fastest clip since at least 2000, noting the severity of the loss caused on public finances by the depreciation in oil prices confronting the pandemic and deal with the economic crisis.

Source – Worldometer

Despite the current challenges in the oil and banking sector, all Saudi Arabia banks reassured their investors that the nations are financially stable even amid the coronavirus and fall in oil prices.The National Commercial Bank, the kingdoms largest the lender was one of the primary banks to guarantee investors on Tuesday regarding its financial stability and ability to stand the current economic crisis. 

The Saudi government initiatives to strengthen the banking sector will curb the financial and economic repercussions of the steps taken to contain the spread of the Covid-19, the bank added.The Arab National Bank also sent the same statement to the stock market, reassuring its investors and added that the Saudi banks would start reporting their first-quarter incomes in the coming weeks.

All the other banks in Saudi also reiterated the above statement, e.g., NCB, ANB, Al Rajhi Bank, Banque Saudi Fransi, Saudi British Bank, Riyad Bank, Alinma Bank, Samba Financial Group, Bank Al Bilad, Bank Al Jazira, and Saudi Investment Bank.

In due course of time, the consumers will be informed if there is any significant development. All the Branches and remittances centers will resume work. The Saudi Arabian Monetary Authority has set the working hours according to the bank operations. Electronic banking services will be available for all bank customers.

The Ministry of Health of Saudi Arabia, reported 1,325 new cases of coronavirus, bringing the total number of infections in the country to 22,753.

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