The Saudi Central Bank (SAMA) has announced the licensing of Bawabat Al Umulat Exchange, a company authorised to purchase, sell, and trade foreign currencies in Saudi Arabia. 

 

This brings the total number of licensed money exchangers in the Kingdom to 65, said SAMA in a statement.

 

This decision underscores its commitment to supporting and enabling the money exchange industry, enhancing the efficiency of financial transactions, and promoting financial inclusion across Saudi Arabia, it stated.

 

The bank emphasized the importance of dealing exclusively with authorized financial institutions.-TradeArabia News Service