Regulatory Alerts2019-01-23
Saudi Arabian Interbank Offered Rate (SAIBOR)
The Saudi Arabian Monetary Authority (SAMA) has issued updated guidelines to strengthen the quality and governance of the Saudi Interbank Offered Rate (SAIBOR) and SAIBID benchmarks. Contributing banks must now implement predominantly quantitative submission methodologies, designate approved Asset and Liability Management executives for daily rate submissions by 11:00am Riyadh time, and maintain reasonable spreads between borrowing and deposit rates. These enhancements, which supersede prior circulars with immediate effect, also mandate bi-weekly prudential reporting and annual internal audit reviews to ensure consistent compliance and data integrity.
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