SAMA Licenses ‘Bawabat Al-Umulat Exchange’ Company to Conduct Purchase, Sale and Trading of Foreign Currencies Inside Saudi Arabia

The Saudi Central Bank (SAMA) has announced the licensing of Bawabat Al-Umulat Exchange, a company authorized to purchase, sell, and trade foreign currencies in Saudi Arabia. This brings the total number of licensed money exchangers in the Kingdom to 65.
According to a press release issued by SAMA today, this decision underscores the bank’s commitment to supporting and enabling the money exchange industry, enhancing the efficiency of financial transactions, and promoting financial inclusion across Saudi Arabia.
SAMA emphasized the importance of dealing exclusively with authorized financial institutions. A list of licensed and permitted financial institutions can be viewed on SAMA’s official website: www.sama.gov.sa.