Regulatory Alerts2023-09-18
Urging the Study of Opening Additional Branches for Foreign Currency Buying, Selling, and Trading
The Saudi Central Bank issued Circular No. 45015560 urging exchange centers structured as companies to study opening additional branches in the central areas of the Two Holy Mosques, King Abdulaziz International Airport in Jeddah, and Prince Mohammad bin Abdulaziz International Airport in Medina to facilitate foreign currency buying, selling, and trading for Hajj and Umrah pilgrims. This directive aligns with Vision 2030 financial inclusion objectives and builds upon existing regulations that require prior non-objection for branch expansions. The Bank emphasizes that these additional branches will serve the public interest by enhancing service accessibility and supporting the growing demand for currency exchange services during peak pilgrimage seasons.