Regulatory Alerts2020-10-28
Providing small denominations and coins
The Saudi Arabian Monetary Authority mandates that all banks operating in the Kingdom maintain sufficient quantities of small denominations and coins to fulfill public requests for obtaining or exchanging them across all branches. This requirement ensures continuous currency availability for individual and corporate clients, reinforced by scheduled field inspections of cash centers and bank branches. Banks must comply with these provisions to guarantee accessible, adequate currency distribution nationwide.
In the name of Allah, the Most Gracious, the Most Merciful
Saudi Arabian Monetary Authority Headquarters
Banking Policy Department
Ref. No.: 42015321 Date: 1442/03/11 Attachments: None
Circular
To: Respected Banks, Peace be upon you, and the mercy of Allah and His blessings.
Subject: Providing small denominations and coins.
With reference to the Authority's instructions communicated via Circular No. 341000111354 dated 1434/09/15 (H) regarding the necessity for banks operating in the Kingdom to secure the public's requirements of small denominations and coins.
Accordingly, the Authority emphasizes the necessity of maintaining sufficient quantities of small denominations and coins to meet public requests for obtaining or exchanging them, and that this availability be provided to all across all branches.
For your information and action, please note that the Authority will conduct field visits to cash centers and bank branches to verify the availability of various small denominations and coins for individual and corporate clients.
Yours sincerely,
Fahd bin Ibrahim Al-Shathri Deputy Governor for Supervision
Distribution Scope:
- Banks operating in the Kingdom.
P.O. Box 2992, Riyadh 11169, Telegram: MARKAZI, Telex: 404440, Tel: 4633000, Fax: 4662414