Banking Policy Department

No. 8702/BCP/441

Date: 18-6-1418 H

Circular to All Banks Operating in The Kingdom

Greetings,

SAMA received the letter of HE the co-chairman of the Board of Directors of the US Saudi Arabian Business Council No. M/126/97 dated 11-6-1418H, based on the approval of the Council of Ministers, in its decision No. 5/B/1788 dated 6-2-1418H, to grant the Council the power to certify shipping documents for US goods exported to the Kingdom of Saudi Arabia, which is now practiced by the US Arab Chamber of Commerce.

Consequently the certification by the Council of shipping documents for US exports to the Kingdom of Saudi Arabia shall be applicable instead of the certification by the US Arab Chamber of Commerce as of 3 November, 1997. Saudi embassies and consulates in the USA will not accept the certification of the US Arab Chamber of Commerce after this date.

Regards,

Deputy Governor

J. A. Al-Suhaimi