Central Bank orders banks to lend businesses money to avoid any job cuts. The banks will now need to step up and help businesses by lending them loans. The loans will help the businesses to cut any jobs due to the current difficult times. More Details below.
Central Bank orders banks to lend businesses money to avoid any job cuts
Countries around the world are having issues in these times to keep their businesses operational and avoid job cuts. Saudi Arabia is also facing similar issues. But the Government is taking all the steps to avoid any major impacts.
The Saudi Arabian Monetary Authority wants banks to immediately put in place a lending program for at least six months to “assist in maintaining employment levels,” according to a document sent by the regulators to lenders and seen by Bloomberg. (Source: Al Arabiya, 2020)
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