Regulatory Alerts2014-02-19
Hafiz Program for Supporting Unemployed
The Saudi Arabian Monetary Authority (SAMA) issued this circular to implement the Hafiz Program for Supporting Unemployed, requiring all local banks to prepare operational plans and ensure sufficient cash availability in branches and ATMs, particularly in remote areas. Banks must submit their implementation strategies to SAMA within three weeks of the circular's date to address anticipated account-opening demand and support national employment mobility. This directive follows Council of Ministers Resolution No. 44 and builds upon a recent industry workshop to align banking services with the program's financial allocation requirements.
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