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 SAMA FAQ

FAQs
Frequently Asked Questions Based On

What is meant by the bulletin of foreign exchange rates against the Saudi Riyal issued monthly by the Saudi Arabian Monetary Authority (SAMA)?

SAMA issues this monthly bulletin for use by government agencies only; it is not intended for the public and it does not reflect the actual index of exchange rates prevailing in the market.


Are the rates issued by SAMA binding to local banks to apply in banking transactions?

Exchange rates fluctuate rapidly and each bank has a certain margin of profit in the process of selling and buying, so rates issued by SAMA are not binding to banks to apply.


What sources on which SAMA relies for issuing foreign exchange rates?

 SAMA depends on global markets through specialized global   information networks such as: Bloomberg and Reuters.

Which entities can request the transfer or issuance of a cheque in foreign currencies through SAMA?

Government agencies and local and foreign banks by cheques drawn on SAMA or by debit entry in an account opened with SAMA.

What are the currencies which SAMA transfers or issues a foreign check in?

SAMA receives requests for transfer or issuance of foreign cheques in all foreign currencies available.

What is the competent department at SAMA that handles transfers or issues cheques in foreign currencies?

It is the Remittances Department. Correspondence is directed to His Excellency Director of the Remittances Department at SAMA headquarters in Riyadh.

What procedures are in place to request the issue of a real estate title deed for a property owned by the title deed which is lost?

1.       SAMA receives letters from a number of official agencies such as courts and Notaries Public enquiring about missing title deeds to issue replacements thereof.       2.  Circulars are sent to banks in three combinations a week, then ten days are set from the date of the circular to provide SAMA with any comments on title deeds mortgaged to them. 3 - After the expiry of the time limit, and, in the event of non-receipt of comments from any of the banks operating in the Kingdom, an answer is provided to all agencies that have already inquired about the missing title deeds.
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