Working Hours of Bank Money Transfer Centers
| No: 381000098190 |
Effective from 2017-06-12 - Jun 11 2017
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Referring to paragraph (4) of the first edition of the "Guidelines for Regulating the Operations of Financial Transfer Centers Affiliated with Banks" which included the approval of Friday as an official weekly holiday for all transfer centers, as communicated in Central Bank Circular No. 381000063572 dated 14/06/1438 AH.
Taking into account the study conducted by the Central Bank regarding the percentage of operations that were carried out on Fridays in previous years, and with the desire to gradually apply the instructions, and considering the public interest in not incentivizing shadow markets, if any bank wishes to exempt some branches of transfer centers to operate on Fridays for a year, it may submit a request to the Central Bank for non-objection, including the names of the branches, their locations, and the required working hours, provided that they are in accordance with the time regulations specified in the guidelines, and the request does not exceed 20% of the total number of branches of the bank's transfer centers.*
Under Central Bank Circulars No. 2304/41 dated 09/09/1439 AH and No. 49029/67 dated 05/08/1440 AH, the exemption for some branches of transfer centers to operate on Fridays has been extended for two years, provided that it aligns with the approved working hours regulations mentioned above. A request for non-objection can be submitted to the Central Bank, including the names of the branches, their locations, and the required working hours, and the request should not exceed 10% of the total number of branches of the bank's transfer centers.