Saudization of the Jobs of Money Exchangers of Class A and B

In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Central Bank
Head Office

Money Exchange Centers Supervision Department

Reference No.: 41/21755
Date: 06/04/1440 AH
Attachments: None

Circular

Subject: Saudization of Jobs for Money Exchange Institutions and Companies (Class A & B)

To: Respected Sirs,
Peace be upon you,

Based on the authorities granted to the Saudi Central Bank under paragraph (c) of Article 15 of the Regulations Governing Money Exchange Activities, issued by Minister of Finance Decision No. (1357) dated 01/05/1432 AH, the Bank is authorized to issue any instructions it deems necessary to apply supervisory and regulatory requirements on money exchange activities.

In line with the objectives of Saudi Vision 2030, the Bank emphasizes restricting all activities in this sector to Saudi nationals and requires the qualification of Saudi employees and their enrollment in appropriate training programs suited to their job nature. Money exchange institutions and companies must immediately take the necessary steps to ensure full compliance with this circular, and provide us within two weeks of its date with a plan for the complete Saudization of your jobs. The total timeframe for completing the Saudization of all jobs shall not exceed one year from the date of this circular. Please note that the Bank will take all necessary regulatory actions against non-compliant money exchange institutions and companies.

Yours sincerely,

Brigadier General
Fahd bin Ibrahim Al-Shathri
Deputy Governor for Supervision

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Distribution Scope:

• Money exchange institutions and companies operating in the Kingdom (Class A & B)

Bin Sudan
P.O. Box 2992, Riyadh 11169, Phone: 011 4633000