Regulatory Alerts2021-03-31
Added · Updated
Extension of Validity for Circular on Prizes Related to Savings Accounts
The Central Bank of Saudi Arabia extends the validity of Circular no. 27/5/3808 regarding prizes related to savings accounts until the end of 2021. This extension maintains the original conditions and controls, requiring all banks operating in the Kingdom to obtain prior approval from the Central Bank before announcing or promoting any prizes related to all accounts. The directive applies to all banks under the authority of Governor Dr. Ziad Fariz.
No.: 27/3/14218 Date: 15/3/1442 Hijri Corresponding to: 1/11/2020 Circular to banks operating in the Kingdom After Greetings, Reference to our circular no. (27/5/3808) dated 10/3/2019 regarding “Prizes related to savings accounts”. Please be informed that the validity period of this circular has been extended until the end of 2021 and with the same conditions and controls contained in it, with the need for all banks to obtain the prior approval of the Central Bank before they announce and / or promote any of their prizes related to all accounts. Respectfully, Governor Dr. Ziad Fariz