SAMA releases rules for operating cash centers for public comment via survey

has announced The Saudi Central Bank (SAMA) the release of a draft of the "Rules for Regulating the Management and Operation of Cash Centers," inviting interested parties, specialists, and the general public to submit their views and comments on the draft through the "Survey" platform of the National Competitiveness Center. This step reflects the Central Bank's commitment to promoting transparency and public participation in the development of financial regulations.

Enhancing financial and regulatory stability

This draft is being introduced in light of the pivotal role played by the Saudi Central Bank in maintaining monetary and financial stability in the Kingdom. The new regulations aim to establish a comprehensive and robust regulatory framework that defines the necessary standards and controls for managing and operating cash centers. This includes regulating the counting, sorting, and classification of cash, and ensuring its transport and storage according to the highest security and quality standards, thereby directly contributing to protecting the financial system from operational risks.

The context of development and keeping pace with economic transformations

These regulations are particularly important given the rapid development of the Saudi financial sector within the framework of the Kingdom's Vision 2030. Despite the significant growth in digital payments, cash continues to play a vital role in the economic cycle, necessitating the existence of highly efficient cash centers to ensure the availability of high-quality cash liquidity throughout the Kingdom. These regulations aim to bridge regulatory gaps and enhance compliance among companies operating in this sector.

Expected impact: Confidence and growth

The adoption of the final version of these rules is expected to enhance confidence in the monetary system and support economic growth by facilitating the movement of funds between financial institutions and markets. The rules will also strengthen the central bank's supervisory and regulatory role over financial institutions, ensuring their compliance with technical and security standards and curbing malpractices that could compromise the integrity of circulating currency.

Participation mechanism and timeline

The Central Bank clarified that it will continue to receive feedback and comments for 15 days via the "Survey" platform. All comments received after the deadline will be carefully reviewed before the final version of the rules is adopted. This methodology is part of the National Competitiveness Center's strategy to empower the private sector and the public to contribute to improving the legislative and regulatory environment in the Kingdom.