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.
Saudi Central Bank
Reference No.: 45070207 Date: 12/11/1445 AH Attachments: None
Circular
To: Respected Banks, Peace, mercy, and blessings of God be upon you,
Subject: Encouraging the Presence and Provision of Banking Services in the Central Areas of the Two Holy Mosques.
Based on the Saudi Central Bank's authority to issue instructions related to financial institutions and their operations in accordance with its system issued by Royal Decree No. (M/36) dated 11/04/1442 AH, and the SAMA Circular No. (45052183) dated 11/08/1445 AH regarding the extension of operating hours for branches in Makkah Al-Mukarramah and Madinah Al-Munawwarah, and to enhance efforts to elevate the experience of the Guests of God, and facilitate their access to financial services for currency exchange and conversion for Umrah pilgrims and Hajj pilgrims.
Accordingly, the Saudi Central Bank encourages local banks and their affiliated money transfer centers to be present in the central areas of the Two Holy Mosques and provide banking services and money transfer services, to serve pilgrims, Umrah visitors, and tourists, subject to operating within the approved schedule for working hours and in compliance with relevant instructions.
Yours sincerely,
(Signature) Yazeed bin Ahmed Al-Sheikh Deputy Governor for Supervision
Distribution Scope:
- Local banks and financial institutions.
- Money transfer centers affiliated with local banks in the Kingdom.