Central Bank Circular No. 10/1/5134 Amendment Regarding Checkbook Issuance

10/1/ / /1443 AH / /2021 AD

Circular to all Licensed Banks

Greetings,

Continuing the Central Bank's approach of monitoring and reviewing its issued instructions and circulars, including Central Bank Circular No. (10/1/5134) dated 24/3/2021 concerning the regulation of the process of issuing checkbooks to customers, and in light of receiving a number of inquiries and observations from banks regarding the aforementioned circular, which indicated difficulties for banks in applying Paragraph (4) thereof to corporate customers, especially in the trade sector, it is decided to amend the content of the aforementioned paragraph so that its application is restricted to individual customers at banks, granting banks flexibility in dealing with the corporate sector specifically, while emphasizing the necessity of applying all other paragraphs contained in the aforementioned circular to both the individual sector and the corporate sector when issuing checkbooks.

Please accept our highest respect,

The Governor Dr. Ziad Fariz