Regulatory Alerts2020-10-28
Replacing Damaged Saudi Banknotes
The Saudi Central Bank mandates that banks accept and replace damaged Saudi banknotes submitted by the public, provided they retain at least 60% of their original area and are free from counterfeit indicators. The circular specifies that notes with missing signatures or serial numbers remain eligible for exchange, while heavily fire-damaged or worn notes must be evaluated at SAMA branches. Financial institutions are required to circulate sound currency, withdraw unfit notes, and coordinate with SAMA branches for the submission of damaged specimens.
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