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1419/BC/40

No: 1419/BC/40 Date(g): 7/10/1986 | Date(h): 4/2/1407

Effective from Oct 07 1986 - Oct 06 1986
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Saudi Central Bank has been informed that some banks are refusing to accept small category banknotes from commercial firms and companies and are asking such depositors to deposit these banknotes in their accounts with Saudi Central Bank.

Since the printing of such categories was meant to put them in circulation to be available for the public in daily operations, such attitude by the banks is in conflict with this purpose.

SAMA, therefore, would like to call on banks to keep an adequate supply of small category banknotes, specially the one and five SR categories and sufficient supply of coins to perform replacement operations for the public and the clients. Saudi Central Bank has issued the following rules to be followed by the banks.

  1. The bank must accept from its clients any amount of small category banknotes.
  2. The bank must count these banknotes by category and separate these suitable from those unsuitable for circulation.
  3. Unsuitable for circulation banknotes shall be sent to the concerned Saudi Central Bank branch which will count and receive them.
  4. The bank must deliver to Saudi Central Bank only banknotes in excess of its need or damaged banknotes.