Skip to main content

Urging to Study the Opening of Additional Branches to Engage in the Activity of Buying and Selling Foreign Currencies and Trading them

No: 000045015560 Date(g): 18/9/2023 | Date(h): 4/3/1445 Status: In-Force

Translated Document

Based on paragraph (c) of Article II of the Rules Regulating Money Changing Business issued by the decision of His Excellency the Minister of Finance No. (4686) dated 21/11/1441 H, which stipulated that one of the objectives of these rules is to expand the spread of Money Changing Business, facilitate its provision, and enhance financial inclusion, and paragraph (a) of Article Twenty-Three, which stipulates that "The Money Changer shall obtain SAMA’s non-objection before Opening a branch or more to practice Money Changing Business, and in this case, the non-objection is limited to the Money Changers that take the form of a company or a branch of a foreign money changer." Based on SAMA's supervisory and regulatory role over financial institutions, and in continuation of its efforts to contribute to achieving the content of Saudi Vision 2030, regarding the expansion of the provision of Hajj and Umrah services. 

Accordingly, SAMA hopes that money changers in the form of a company will study the opening of additional branches to engage in the activity of buying and selling foreign currencies and trading them inside the Kingdom in the central areas of the Two Holy Mosques, King Abdulaziz International Airport in Jeddah and Prince Mohammed bin Abdulaziz International Airport in Madinah, as required by the public interest in serving pilgrims and Umrah performers.