Saudi Arabia’s Monetary Agency has announced it has launched a draft law for updating the rules regulating money exchange businesses in the Kingdom. Those rules were issued by Saudi Arabia Ministerial Decision No. 1357/1432. The Agency has called on all interested parties to send in their comments and feedback before 20 February. The aim is to help the sector develop.
As part of these proposed changes, the Agency is also understood to be considering issuing money exchange service licenses to foreign companies. They will be licensed by the Investment Authority. A draft law to update the money exchange business rules highlights the Agency’s efforts to allow companies with no less than two million capital to offer the service.