No. 30/4/1/2573
Date: 18 Dhu al‑Hijjah 1376 AH
By the grace of Almighty God,
We, Saud bin Abdulaziz Al Saud, King of the Kingdom of Saudi Arabia,
After reviewing the Import Regulation issued under No. 30/3/3/2393 dated 24/11/1376 AH,
And in view of the exceptional circumstances and the necessity of taking measures to ensure the proper use of foreign currency provided by the Ministry of Finance and National Economy to the banks for its designated purposes,
And based on what has been presented to us by the Prime Minister and the Minister of Finance and National Economy,
We hereby decree the following:
Article One
The terms used in this regulation shall have the following meanings:
- Bank / Banks: Banks licensed to operate in the Kingdom of Saudi Arabia.
- Resident / Residents: Saudi or non‑Saudi individuals who normally reside in the Kingdom, as well as legal entities (such as companies) licensed to operate in the Kingdom.
- Bank Transfer: All types of transfers abroad, including remittances, cheques (including travelers’ cheques), letters of credit, etc.
- Foreign Currency: Any foreign currency, remittance, credit, or account payable in a currency other than that of the Kingdom, transferred through banks.
- Foreign Capital: Foreign currency, machinery, equipment, raw materials, and all items considered foreign capital under the Foreign Capital Investment Law ratified by Royal approval conveyed in High Diwan Letter No. 21/1/2325 dated 2/9/1376 AH.
- Currency Controller: The head of the Currency Control Department established under this regulation.
- The Agency: The Saudi Arabian Monetary Agency (SAMA).
- Import Regulation: The Import Regulation issued by Royal Decree No. 30/3/3/2392 dated 24/11/1376 AH.
Article Two
A department called the Currency Control Department shall be established within the Ministry of Finance and National Economy, reporting directly to the Minister.
It shall be responsible for implementing this regulation.
The department shall be headed by the Currency Controller, appointed upon nomination by the Minister of Finance and National Economy.
Article Three
No foreign currency sold by the Agency may be transferred except through banks, at the official rate, and only for the purposes specified in the Import Regulation and this regulation.
Any transfer made in violation of this shall be considered smuggled funds.
Article Four
Banks must provide the Currency Controller with daily reports on the amounts of foreign currency received from the Agency or other sources, and on the amounts transferred abroad.
Article Five
Banks and concerned parties must return to the Agency—within six months—the value of cancelled or unused letters of credit or transfers, whether fully or partially unused, as well as compensation for goods when due, if the Agency was the source of the foreign currency used for these operations.
Article Six
Foreign currency allocated by the Agency for the purposes specified in this regulation and the Import Regulation may not be used to purchase other foreign currency or Saudi currency within the Kingdom.
Article Seven
No Saudi currency (gold, silver, or paper—including pilgrims’ receipts) may be brought into or taken out of the Kingdom without permission from the Minister of Finance and National Economy.
However, travelers entering or leaving the Kingdom may carry up to 500 Saudi riyals in paper currency.
Article Eight
Foreign currency sold by the Agency for import purposes must be transferred through banks via letters of credit or documentary collection.
Documents must clearly state that Saudi ports are the final destination, and the importer must be a resident.
In exceptional cases, up to 50% of the value of the goods may be transferred abroad as advance payment, provided the importer:
- Undertakes to provide the bank within six months with invoices and shipping documents,
- Provides a bank guarantee,
- And the period may be extended for force majeure.
Upon arrival of the goods and payment of customs duties, the importer must obtain a valuation certificate from the customs authority.
The bank must provide this certificate to the Currency Controller and report any failure by the importer.
Article Nine
Subject to verification of obligations to the Department of Zakat and Income Tax, the Currency Controller shall issue personal transfer licenses—including those of legal entities—using foreign currency provided by the Ministry of Finance and National Economy, as follows:
A — Transfers for Saudi nationals:
- A Saudi traveling abroad for medical treatment is entitled to a bank transfer in the amount specified in Paragraph (A‑5) of this Article, in addition to medical expenses as determined by Saudi health authorities.
- In exceptional cases, the traveler mentioned above may be granted an additional transfer if it is later proven—through a medical report from the treating physician, certified by the Saudi diplomatic or consular representative in the country of treatment or the nearest country—that his condition requires further medical care.
- A student studying in Arab or Eastern countries may receive a bank transfer not exceeding 6,000 Saudi riyals per year, and a student studying in American or Western countries may receive a transfer not exceeding 12,000 Saudi riyals per year.
- A Saudi whose family resides abroad may transfer to them up to 2,000 Saudi riyals per month, or 50% of his salary if he is a government employee—whichever amount is lower.
- A Saudi may transfer up to 500 Saudi riyals per month to support relatives residing abroad.
- A Saudi traveling abroad for tourism, business, or any purpose not otherwise specified in this Article may receive a bank transfer not exceeding 3,000 Saudi riyals per person per year.
B — Transfers for Non‑Saudi Residents
- Non‑Saudi employees under contract with the government may transfer up to 50% of their net monthly salary if their family resides in the Kingdom, and up to 70% if their family resides abroad—unless their contract specifies otherwise. They may transfer their full vacation salary when traveling abroad on leave.
- Non‑Saudi employees and workers under contract with private employers may transfer up to 50% of their net monthly salary if their family resides in the Kingdom, and up to 70% if their family resides abroad. They may also transfer their full vacation salary when traveling abroad on leave.
- Non‑Saudi self‑employed professionals may transfer up to 50% of their net monthly income.
- Agents of foreign transport companies may, after verification of payment of all taxes and fees owed by their companies, transfer abroad the net value of tickets and freight charges sold to residents.
Transfers are not permitted for tickets sold to non‑residents or to residents who are paid in foreign currency. - Holders of foreign capital invested in the Kingdom may transfer funds abroad within the limits permitted by the Foreign Capital Investment Law, issued by Royal Order No. 21/1/2325 dated 20/9/1376 AH.
C — Transfers for Saudi Capital Investment in Arab League Countries
The Currency Controller may, with the approval of the Minister of Finance and National Economy and subject to the availability of foreign currency and reciprocity, authorize the transfer of Saudi capital to Arab League countries for investment in economic projects, provided that:
- Those countries agree to allow the repatriation of the invested capital to the Kingdom when necessary, in the same currency in which it was transferred,
- And agree to allow the transfer of profits.
Article Ten
- Subject to Paragraph (8) of Article Five of the Import Regulation, anyone who possesses foreign currency not obtained from the Agency may use it to import goods into the Kingdom.
- Such persons may also transfer it abroad for any other purpose without a license.
Article Eleven
- Banks presented with an import license issued under the Import Regulation, or a foreign‑currency transfer license issued under this regulation, must execute the transfer in the currency specified.
- The Agency must, upon request, cover all bank transfers made on the basis of valid import licenses or transfer licenses issued by the Currency Controller.
The Agency may not sell foreign currency to banks except in these cases.
Article Twelve
The Currency Controller, or anyone he authorizes in writing, may require banks to provide documents proving compliance with this regulation.
In cases of suspicion, he may request authorization from the Minister of Finance and National Economy to inspect the records and accounts of the bank in question.
Article Thirteen
Any foreign currency authorized for transfer under this regulation is considered a personal authorization and may not be used for any purpose other than that for which it was granted.
Article Fourteen
Anyone who violates this regulation or the orders and instructions issued under it shall be subject to:
- A fine not less than the value of the smuggled funds, or
- Imprisonment for up to one year, or
- Closure of a bank that repeatedly violates the regulation,
- Or all of these penalties together.
Article Fifteen
A Currency Control Committee shall be established within the Ministry of Finance and National Economy.
The Currency Controller shall refer to it all matters related to currency‑control policy or arising from the implementation of this regulation.
The Committee shall consist of:
- A representative appointed by the Council of Ministers
- The Currency Controller
- A representative from each of:
- Ministry of Commerce
- Directorate of Economic Affairs
- Directorate of Customs
- The Agency (SAMA)
- A legal expert appointed by the Minister of Finance and National Economy
The Committee shall:
- Advise the Currency Controller on matters referred to it.
- Recommend penalties under this regulation.
- Recommend the application of penalties.
- Recommend amendments or repeal of this regulation.
Its recommendations become effective upon approval by the Minister of Finance and National Economy, except:
- Recommendations to amend or repeal the regulation, and
- Recommendations to close a violating bank,
which require Council of Ministers approval.
Article Sixteen
Import Committees established under the Import Regulation must provide the Currency Controller with copies of all data and information related to:
- Allocations made by the Minister of Finance and National Economy,
- Import licenses issued,
- And any other information requested.
Article Seventeen
The Agency shall provide the Currency Controller with all requested data regarding:
- Foreign‑currency allocations for import purposes,
- Other bank transfers,
- And amounts allocated to cover bank payments.
Article Eighteen
The Minister of Finance and National Economy must notify the Currency Controller in writing, in advance, of foreign‑currency allocations for:
- Import Committees under the Import Regulation
- Other bank transfers under this regulation
These amounts may not be used for any other purpose.
If the Currency Controller discovers any violation, he must immediately notify the Minister to take necessary action.
Article Nineteen
The Minister of Finance and National Economy shall issue the necessary instructions under this regulation based on the recommendations of the Currency Control Committee.
Article Twenty
The Prime Minister, the Minister of Finance and National Economy, and the Minister of Commerce shall implement this regulation, each within their jurisdiction.
Article Twenty‑One
This regulation shall take effect upon its publication, and all previous regulations, statements, or instructions inconsistent with it are hereby repealed.