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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

Translated Document

Effective from 2023-09-18 - Sep 17 2023
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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 exchange business, facilitate its provision and enhance financial inclusion, and paragraph (a) of Article Twenty-Three, which stipulates that "The exchange center must obtain a prior no-objection from SAMA before opening one or more branches to conduct exchange business, in which case No objection to exchange centers in the form of a company or branch of a foreign exchange center." 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 exchange centers 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.