Saudi Central Bank suspends money transfers at three currency exchange houses

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Saudi Arabia’s central bank said on Monday it had suspended three currency exchange houses – Halawani Bros, Al Amoudi and Al Zamil – from money transfers. The three privately-held companies are among the four major companies that largely provide the ten million expat workers in Saudi Arabia for money transfers and currency exchange.

“The authority recently decided to suspend the money transfer operations of the three companies,” the Saudi Arabian Monetary Authority (SAMA) said on its website.The suspension will be lifted when the three houses comply with regulations, it said. SAMA did not specify what the breach was.

The fourth major exchange company is Mohammed Hassan Yalla & Sons Co.

Source Credit: Reuters


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