Article 7
| No: M/5 | Date(g): 11/6/1966 | Date(h): 21/02/1386 | Status: In-Force |
Every bank shall maintain with SAMA at all times a statutory deposit of a sum not less than fifteen percent of its deposit liabilities. SAMA may, if it deems it to be in the public interest, vary the aforesaid percentage provided that it shall not be less than 10 percent nor more than 17.5 percent. SAMA may, however, exceed these two limits with the approval of the Minister of Finance and National Economy.
In addition to the statutory deposit provided for in the previous paragraph, every bank shall maintain a liquidity reserve of not less than 15 percent of its deposit liabilities. Such reserve shall be in cash, gold or assets, which can be converted into cash within a period not exceeding 30 days. SAMA may, if deemed necessary, increase the aforesaid percentage up to twenty percent.