Acceptance and Exchange of Banknotes and Coins
| No: 341000111354 | Date(g): 22/7/2013 | Date(h): 15/9/1434 |
Translated Document
Effective from 2013-08-05 - Jul 21 2013
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In reference to SAMA Circular No. 34736/BCI/15864, dated 1432 H and Circular No. 34734/BCI/15865 dated 1432 H, The included reference to previous circulars issued by SAMA regarding banknotes and coins, and the receipt of damaged ones.
| Circular Number | The Date | Circular Number | The Date | ||
| 1) | M/A/155 | 23/08/1400H | 5) | 406/M A/290 | 21/07/1412H |
| 2) | 10023/M/A/192 | 13/07/1405H | 6) | 400/M A/241 | 21/10/1413H |
| 3) | 1419/M/A/40 | 04/02/1407H | 7) | 23782/M A/251 | 14/09/1414H |
| 4) | 42/N/Z | 20/01/1412H | 8) | 1941/BCI/95 | 05/02/1418H |
Due to the commencement of the "Take the Change" campaign launched by the Ministry of Commerce and Industry in coordination with SAMA to provide coins to customers, and to indicate that fines will be imposed on violating stores starting from 10/10/1434H, and in order to continue the coordination and cooperation between SAMA 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 banknotes and coins are available in sufficient quantities at SAMA 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. SAMA will conduct field visits to cash centers, bank branches, and money exchangers to ensure the availability of various denominations of banknotes and coins for individual and corporate customers. Penalties will be imposed on violators.