Regulatory Alerts2024-05-19
Encouraging the Presence and Provision of Banking Services in the Central Areas of the Two Holy Mosques
The Saudi Central Bank (SAMA) issued this circular directing local banks and affiliated money transfer centers to establish physical presence in the central districts of Makkah and Madinah and deliver banking and remittance services. The directive mandates compliance with approved operating hours and existing regulatory instructions to facilitate currency exchange for Hajj and Umrah pilgrims, as well as general visitors. Building upon prior extensions of branch operating hours, this measure aims to elevate the overall experience for pilgrims and tourists while ensuring seamless access to financial services.
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