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Dealing With SAMA Branches

No: 321000023865 Date(g): 20/9/2011 | Date(h): 22/10/1432

Translated Document

          Reference to SAMA's circular No. BCI/15864 dated 10/07/1432 H and No. BCI/15865 dated 10/07/1432 H and other instructions issued regarding the controls and procedures for dealing with cash in its various categories, and in view of the reluctance of some bank branches and cash centers in some cities of the Kingdom to deal with the branches of SAMA near them in deposits and withdrawals and to deal directly with cash centers belonging to the bank in other areas far from it, which led to a shortage or increase in the various denominations of cash in some areas of the Kingdom but not others.

       In view of the consequent increase in the cost and risks associated with the process of transferring cash to branches far from SAMA branch near the bank's branch, SAMA stresses the importance of adhering to the instructions issued in this regard and that each bank (exchanger) reviews its cash management controls and makes appropriate amendments to them in order to limit the transfer of cash and the commitment to conduct deposits and withdrawals through the nearest branch of SAMA and ensure the provision of automated equipment and adequate human resources for counting and examination. Cash sorting in all cash centers and bank branches. 

We hope to instruct the competent department to verify this and inform us of the implementation within a month from its date.