In the name of God, the Most Gracious, the Most Merciful
Number: 40
Date: 7 Dhu al‑Qi‘dah 1377 AH
By the grace of God,
We, Saud bin Abdulaziz Al Saud,
King of the Kingdom of Saudi Arabia,
After reviewing the Foreign‑Exchange Control System issued by Royal Decree No. 30/4/1/2253, dated 18 Dhu al‑Hijjah 1376 AH,
and in the interest of amending and harmonizing it in a manner consistent with the current conditions and needs of the country,
and after reviewing the new Import System issued by Royal Decree No. 39, dated 7 Dhu al‑Qi‘dah 1377 AH, established to ensure the provision of foreign currency necessary for importing essential goods to reduce their prices and the cost of living,
We hereby order the following:
Article One
The Saudi Arabian Monetary Agency (SAMA) shall provide, at the official exchange rate, the foreign currencies required for the following:
- a. Payment for goods listed in Article Four of the Import System issued by Royal Decree No. 39, dated 7 Dhu al‑Qi‘dah 1377 AH, imported under valid import licenses issued in accordance with that system.
- b. Salaries of non‑Saudi government employees permitted to transfer their earnings abroad under applicable regulations.
- c. Government transfers abroad authorized in the State Budget, within the limits allocated to ministries and government agencies.
Article Two
All other payments for goods, services, and transfers not covered by Article One shall be settled through the free market, without the need for a license.
Article Three
To stabilize the Saudi currency, SAMA may buy and sell gold and foreign currencies in the free market whenever necessary, within the limits and conditions approved by the Minister of Finance and National Economy.
The Governor of SAMA shall submit a monthly report of all such transactions, with a copy sent to the General Auditor of State Accounts.
Article Four
The Foreign‑Exchange Control Department is hereby abolished.
SAMA shall assume all its responsibilities, powers, and records.
The Minister of Finance and National Economy shall determine the status of its employees in accordance with applicable regulations.
Article Five
All suspended personal‑transfer licenses issued by any authority—other than those permitted under Article One, paragraph (b)—are hereby cancelled.
SAMA shall settle any remaining obligations arising from valid import licenses for which irrevocable letters of credit have already been opened.
Article Six
Before the beginning of each quarter, the Minister of Finance and National Economy—after consulting the Governor of SAMA and the General Supervisor of Imports—shall determine the amount of foreign currency allocated for importing goods and for personal transfers of foreign government employees, and shall notify the relevant authorities.
Article Seven
The Minister of Finance and National Economy may, with the approval of the Council of Ministers, issue a decision requiring that certain foreign‑currency receipts be surrendered to SAMA (or its designated agent) at the official exchange rate.
Any violation of such a decision shall be subject to the penalties set forth in Article Fourteen of the Foreign‑Exchange Control System issued by Royal Decree No. 30/4/1/2553, dated 18 / 12 / 1376 AH.
Article Eight
All provisions contrary to this system are hereby repealed.
This system shall take effect from the date of its publication.
Umm al‑Qura