Acceptance and Exchange of Banknotes and Coins
No: 341000111354 | Date(g): 22/7/2013 | Date(h): 15/9/1434 |
Effective from 2013-08-05 - Aug 04 2013
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In reference to Central Bank Circular No. 34736/MAT/15864, dated 1432 AH and Circular No. 34734/MAT/15865 dated 1432 AH, The included reference to previous circulars issued by the central bank regarding paper and coin currencies and the receipt of damaged ones."
Circular Number | The Date | Circular Number | The Date | ||
1) | M/A/155 | 23/08/1400 AH | 5) | 406/M A/290 | 21/07/1412 AH |
2) | 10023/M/A/192 | 13/07/1405 AH | 6) | 400/M A/241 | 21/10/1413 AH |
3) | 1419/M/A/40 | 04/02/1407 AH | 7) | 23782/M A/251 | 14/09/1414 AH |
4) | 42/N/Zh | 20/01/1412 AH | 8) | 1941/M A T/95 | 05/02/1418 AH |
Due to the commencement of the "Take the Change" campaign launched by the Ministry of Commerce and Industry in coordination with the Central Bank to provide coins to customers, and to indicate that fines will be imposed on violating stores starting from 10/10/1434 AH, and in order to continue the coordination and cooperation between the Central Bank and the banks in this matter, we would like to emphasize the responsibility of banks to comply with the instructions given in previous circulars. We would also like to assure that small denominations of paper and coins are available in sufficient quantities at the Central Bank branches, and there is no reason for banks not to provide them to customers.
We hope for your acknowledgment and action accordingly as of this date. The central bank will conduct field visits to cash centers, bank branches, and money exchangers to ensure the availability of various denominations of paper and coin currency for individual and corporate customers. Penalties will be imposed on violators.