Regulatory Alerts2020-03-11
Fees for Banking Services Provided to Companies and SMEs
The Saudi Central Bank requires all domestic banks to obtain its prior no-objection before imposing any fees on banking services provided to companies and SMEs. This mandate ensures that fee structures align with the Bank's objectives of supporting private sector growth and facilitating seamless access to banking services. The requirement takes immediate effect upon issuance and applies uniformly across all banks operating within the Kingdom.
In the Name of Allah, the Most Gracious, the Most Merciful
Saudi Central Bank Headquarters
Banking Policy Department
Ref. No.: 41049544 Date: 16/07/1441 Attachments: None
Circular
To: Respected Banks,
Peace, mercy, and blessings of Allah be upon you.
Subject: Fees for Banking Services Provided to Companies and SMEs.
Based on the authorities vested in the Bank by its System issued by Royal Decree No. (23) dated 23/5/1377H, and the Banking Control System issued by Royal Decree No. M/5 dated 22/2/1386H,
and in light of the Bank's role in supporting and developing the private sector and its enterprises, removing facing difficulties, and enabling access to all banking services with ease, please be informed that the Bank's no-objection must be obtained before imposing any fee on banking services provided to companies and SMEs, ensuring that these fees do not affect the achievement of the Bank's aforementioned objectives.
For your information and action, effective as of the date hereof.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope:
- Banks operating in the Kingdom.
P.O. Box 2992, Riyadh 11169 | Telegram: MARKAZI | Telex: 404400 | Tel: 4633000 | Fax: 4662414