Saudi Arabian Monetary Agency (SAMA) on Tuesday announced its plan to license new money-changing firms, especially in Makkah and Madinah, to meet the requirements of pilgrims and foreign visitors.
Fahd bin Abdullah Al-Mubarak, governor of SAMA, said the monetary authority decided to license new money exchanges after observing an increasing demand for such services, especially in the two holy cities.
“We have also noticed the need to open more money exchange offices at entry points of the Kingdom,” the governor said, adding that the Cabinet has issued a decision allowing new money exchanges.
Finance Minister Ibrahim Al-Assaf has approved the bylaws for regulating the work of the money exchanges, Al-Mubarak said and urged those interested to apply by logging into SAMA’s website www.sama.gov.sa.
He said nobody should practice money-changing business without obtaining SAMA license. Those who violate this law would be punished.
Those who are licensed to practice the business should approach the agency within a year to correct their statuses in accordance with the new law.