Distribution of Cash Denominations at Local Bank ATMs
No: 241000027027 | Date(g): 10/2/2004 | Date(h): 19/12/1424 |
Translated Document
In the Central Bank's effort to enhance the efficiency of cash usage, meet the local market’s needs for different denominations of banknotes, and ensure a balanced distribution of these denominations to facilitate commercial transactions based on ATM locations, withdrawal rates, and feeding periods, and based on the significant role played by local banks in providing cash through ATMs. And since the Central Bank has observed a rising demand for the 50 Riyal denomination based on direct withdrawals from its branches, indicating public need. Consequently, it is crucial for banks to ensure the availability of various denominations according to the preferences of citizens and residents.
Therefore, the Central Bank urges banks to study ATM withdrawal patterns and adjust denominations to align with those patterns, especially by adding the 50 Riyal denomination in ATMs with lower withdrawal rates. Banks are also requested to provide these denominations to customers at their branches and to cooperate in this regard within their available resources. Distribution models (1, 2) attached may serve as guidance. Additionally, banks are requested to inform the Treasury and Issuance Department at the Central Bank of any changes made, as deemed necessary to meet beneficiaries' needs. This will allow us to collectively monitor how effectively we respond to the preferences of ATM service users.