In preparation for the implementation of the Electronic Funds Transfer system, agreement has been reached at the Bank Operations Officers Committee to implement the following:

1. Close all your current accounts at the Saudi Central Bank branches on Thursday 14 September 1995 A.D. at the end of the workday. Banks will transfer all their balances to one account at the Saudi Central Bank Head Office.
2. Instruct your Regional Offices to reconsolidate your account with our Saudi Central Bank Branches. All claims must be settled within 15 days of receiving your account statement. If no claims are brought forward, the balances will be final.
3. All correspondence and instruction relating to your account at Saudi Central Bank Head Office should be addressed to Government Accounts Department (Bank Account Section) starting from Saturday, 16 September 1995 A.D.
4. Provide Government Account Department, Bank Account Section at Saudi Central Bank Head Office a list of authorized names at signatures of each your Regional Office specifying maximum amount that each Regional Offices can transact at each of the Saudi Central Bank branches.
5. Cash withdrawal transactions from your Saudi Central Bank account must be by cheques drawn on your account at Saudi Central Bank Head Office and within the authorized limit of your Regional Offices.
6. All government revenues collected by your Banks and deposited at Saudi Central Bank branches should be via cheques drawn on your consolidated account at
7. Saudi Central Bank Head Office. These cheques should be accompanied by a letter stating the type and revenue collecting government agency and beneficiary.
8. All cash deposits at Saudi Central Bank Branches will be credited to your consolidated account after inspection and count.
9. All government cheques presented to the Saudi Central Bank Branches will be cleared through the clearing house.

Please follow the above.