Jan 05 2012 |
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More exchanges to be licensed
JEDDAH: 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.
He said nobody should practice money-changing business without obtaining SAMA license. Those who violate this law would be punished.
© Arab News 2012
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