Emphasis on the Readiness of the Premises and the Full Operational Capacity of Money Changers During the Ramadan and Hajj Seasons for the Year 1446H

Saudi Central Bank
Saudi Central Bank

Reference No.: 46043115
Date: 1446/08/18
Attachments: 1 Appendix

Circular

To: Respected Money Changers,
Peace, mercy, and blessings of God be upon you,

Subject: Emphasis on the Readiness of Premises and Full Operational Capacity of Money Changers During Ramadan and Hajj Seasons for 1446H.

Based on Paragraph (b) of Article Fourteen of the Regulations Governing Money Changer Activities, which stipulates that "the Bank may issue any instructions it deems necessary to apply supervisory and regulatory requirements on money changer activities," and in light of the main objectives of the Guests of Allah Service Program - one of Saudi Vision 2030 programs - regarding providing high-quality services to Hajj and Umrah pilgrims, and achieving an 85% satisfaction rate with services provided to pilgrims by 2025 and 90% by 2030. Given the importance of the money changer sector as one of the services provided to pilgrims in achieving these targets.

Therefore, the Saudi Central Bank emphasizes that money changers located in Makkah Al-Mukarramah, Madinah Al-Munawwarah, King Abdulaziz International Airport, and the Pilgrim City in Jeddah Province must enhance their readiness and early preparedness to provide foreign currency buying, selling, and trading services within the Kingdom in the best manner during Ramadan and Hajj seasons, to achieve the aforementioned targets, while complying with all systems and regulations, including without limitation the points outlined in Appendix No. (1).

For information and necessary action,

Yours sincerely,

Yazeed bin Ahmed Al-Sheikh
Deputy Governor for Supervision

Distribution Scope: Money changers located in Makkah Al-Mukarramah, Madinah Al-Munawwarah, King Abdulaziz Airport, and the Pilgrim City in Jeddah Province.

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Saudi Central Bank
Saudi Central Bank

Appendix No. (1)

#	Requirement
1. Compliance with the Regulations Governing Money Changer Activities and related circulars.
2. Operating full capacity by activating all exchange counters during the season.
3. Providing sufficient cash and all denominations of Saudi Riyal in a timely manner, contributing to service provision commensurate with the density of Umrah and Hajj pilgrims during the season and throughout Eid al-Fitr and Eid al-Adha periods.
4. Extending center operating days and hours appropriately during Ramadan and Hajj seasons, and throughout Eid al-Fitr and Eid al-Adha periods.
5. Preventing customer congestion inside and outside premises by taking the following measures at a minimum (with designating a staff member permanently to monitor and ensure this):
1. Providing and activating customer queue management paths.
2. Providing and activating customer queue management machines.
3. Providing dedicated waiting chairs for customers.
6. Complying with displaying staff ID cards and providing a schedule indicating the number of shifts, name distribution, and working hours during the season.
7. Displaying a currency exchange rate board in a prominent location.
8. Updating the currency exchange rate screen by connecting it directly to the system.
9. Issuing receipts for all transactions and handing a copy to the customer.
10. Displaying clear public signs and notices indicating customer rights.
11. Providing point-of-sale (POS) terminal services, along with displaying a sticker indicating electronic payment services for customers wishing to pay via this method.
12. Operating surveillance cameras and storage units effectively.
13. Providing a sufficient number of security guards.
14. Providing modern cash counting and sorting machines that operate effectively to detect counterfeit currency, and following necessary procedures when handling counterfeit notes.
15. Adding the premise's geographical location on Google Maps, along with writing the center's name in both Arabic and English.
16. Complying with notifying security authorities upon detecting currency exchange transactions from unauthorized channels, with the Bank being informed thereof.