The Saudi Arabian Central Bank (SAMA) has sent a circular to currency exchange centers in Mecca, Medina, King Abdulaziz Airport, and Al-Hajjaj City in Jeddah Governorate, stressing the need to increase their level of readiness and prepare early to provide services for buying and selling foreign currency and transactions within the Kingdom in an optimal manner during the “Ramadan and Hajj” period.
Report an incident of fraudulent currency exchange
The instructions state that the licensed authorities are obliged to notify the security authorities if they observe currency exchange operations by unauthorized shops, as well as to inform the central bank; to provide modern machinery for counting and sorting currency, and for detecting counterfeit currency; and to provide the necessary equipment when dealing with counterfeit currency. These included ensuring that procedures were followed, that surveillance cameras and storage equipment were functioning effectively, that point-of-sale device services were available and that customers wishing to pay were provided with stickers indicating electronic payment services, and that currency pricing screens were updated and linked to the system. Place the direct currency price board in a prominent location.
The Central Bank shall operate all currency exchange counters during the season, contribute to the provision of services and ensure that all exchange offices are operated within a sufficient period of time proportional to the density of Umrah pilgrims and pilgrims during the season and during Eid al-Fitr and Eid al-Adha. Emphasizing the need to maximize capacity by providing sufficient cash and exchange currency of Saudi Riyal, he stressed that the center’s operations will increase on appropriate days and times during the Eid al-Fitr and Eid al-Adha seasons. the periods of Ramadan and Hajj, Eid al-Fitr and Eid al-Adha, and National Day.
Route organizer
Regarding the accumulation of customers inside and outside the headquarters, the central bank has instructed currency exchange offices to take various measures, such as assigning full-time staff to follow up and ensure “the provision and activation of customer clearance aisles, the provision and activation of customer clearance equipment, and the provision of customer waiting chairs.”
The Saudi Central Bank (SAMA) has issued a circular to currency exchange centers in Mecca, Medina, King Abdulaziz Airport, and Hajj City in Jeddah to provide foreign currency buying and selling services during the “Ramadan and Hajj” period, stressing the need to increase the level of readiness and prepare early to trade foreign currencies within the Kingdom.
Report of fraudulent foreign currency exchange incident
The instructions included a promise to notify security authorities and the central bank if a licensed entity monitors exchange operations from an unlicensed store. It is planned to provide state-of-the-art machinery for counting and sorting cash, detect counterfeit currency, comply with the necessary procedures for handling counterfeit currency, ensure effective functioning of surveillance cameras and storage devices, provide point-of-sale services, provide stickers indicating electronic payment services to customers who wish to use electronic payment services, update exchange rate screens and link directly to the system, and install exchange rate boards in prominent places.
The Central Bank emphasized the need to keep all currency exchange counters operational during the season and operate at full capacity with timely provision of sufficient cash and the full amount of Saudi Riyal in order to facilitate services and accommodate the high density of pilgrims and Umrah performers not only during the season but also during the holidays of Eid al-Fitr and Eid al-Adha. The center’s activities increase on appropriate days and times, such as Ramadan and the Hajj season, the Eid al-Fitr and Eid al-Adha holidays, and National Day.
Customer flow management staff
Regarding crowding of customers inside and outside the premises, the central bank has instructed exchange offices to take a number of measures, including having staff on hand to monitor and ensure “the provision and operation of customer flow management channels, the provision and operation of customer management equipment, and the provision of dedicated waiting chairs for customers.”
