Jan 13, 2012

Money exchange offices revaluation in Saudi Arabia

Money exchange offices revaluation in Saudi Arabia
currency exchange in hofuf in Hofuf Saudi Arabia 1945-1946

A number of dealers in the money exchange sector in Makkah have urged the Saudi Arabian Monetary Agency (SAMA) to expedite giving licenses to interested citizens to open money exchange offices as the Umrah season is rapidly approaching and the holy city only has five of these offices at present.

Al-Eqtisadiah The local daily newspaper in Saudi Arabia reported Wednesday that “The current foreign exchange offices will not be able to cope with the demand, which is expected to rise significantly in view of the ongoing expansion and development projects in Makkah that will lure more visitors and Umrah pilgrims,”

chief of the exchange dealers, said it had become an urgent necessity to grant licenses to citizens to establish foreign exchange offices, as the chief of the exchange dealers season is only 20 days away. “With the recent closure of 10 foreign exchange offices for lack of formal licenses, Makkah now has only five of these offices,”

Notice: Licenses for the opening of money exchange offices were halted about 40 years ago.

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