SAMA’s Announcement Provides Saudi Banks Right to Reduce Customers’ Service Fees

SAMA’s Announcement Provides Saudi Banks Right to Reduce Customers’ Service Fees
TT

SAMA’s Announcement Provides Saudi Banks Right to Reduce Customers’ Service Fees

SAMA’s Announcement Provides Saudi Banks Right to Reduce Customers’ Service Fees

Saudi banks have revealed that Saudi Arabian Monetary Agency’s (SAMA) announcement on the maximum limit of fees for banking services does not bind banks to exercise their right to reduce fees for services provided to their customers.

Instead, banks are obliged not to charge more than the maximum limit for the fees of the services concerned.

Secretary-General of the Media and Banking Awareness Committee for Saudi Banks Talat Hafez told Asharq al-Awsat that SAMA has set service fees at the retail sector level, but it didn’t set the maximum limit in terms of financing.

He said loans are determined by many factors, including those related to the market, the cost of money at banks, and several other elements.

As for public services, most of which are provided to individuals, Hafez said SAMA has set binding limits for all banks, such as revealing the cost of an account statement or the cost of issuing an ATM card.

“SAMA has asked banks not to exceed the specified fee limit for any of their services,” he explained.

However, the Saudi banks' spokesman added, it has given Saudi banks the right to reduce these fees by receiving less than the fees specified in any of the services concerned according to the nature and evaluation of the relationship between the bank and the customer.

One of the instructions SAMA has issued is for Saudi banks to provide a statement of these fees in a prominent place in the banking branch in order to enhance transparency so that any customer can access them easily and without restrictions.

Hafez said SAMA’s step comes in line with regulating the relationship between banks and their customers and providing full transparency that fosters trust for beneficiaries.



China to Focus on Stabilizing Housing Market in 2025, Housing Regulator Says

 A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)
A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)
TT

China to Focus on Stabilizing Housing Market in 2025, Housing Regulator Says

 A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)
A cleaner carrying a broom and a trash bin walks along a street in Beijing on December 24, 2024. (AFP)

Efforts will continue in 2025 to stabilize and prevent further declines in China's real estate market, China Construction News reported, citing a work conference held by the housing regulator on Tuesday and Wednesday.

China will vigorously promote the reform of the commercial housing sales system, and expand the scope of urban village renovation beyond the addition of 1 million units, the report said.

China will strictly control the supply of commercial housing, while increasing the supply of affordable housing to help solve the living problems of a large number of new citizens, young people and migrant workers, it said.

Policymakers have stepped up efforts to revive the real estate by introducing new measures to encourage home demand after a government-led campaign to rein in highly leveraged developers triggered a crisis in 2021.

Since September, measures aimed at encouraging homebuying have included cutting mortgage rates and minimum down-payments, as well as tax incentives to lower the cost of housing transactions.

The real estate market has shown some momentum of stabilizing, with home transactions in October and November seeing year-on-year and month-on-month growth for two consecutive months, said the conference.

China's home prices fell at the slowest pace in 17 months in November, supported by government efforts to revive the sector, official data showed.

An official of the Central Financial and Economic Affairs Commission in December called for policy measures with direct impact on stabilizing the real estate market to be adopted as soon as possible, with local governments getting greater autonomy to buy housing stock.