The Saudi Arabian Monetary Agency' (SAMA) is expected to announce new regulations on fees charged by the banks for their services within two weeks. The new version of regulations will be compared with the old regulations currently in force.
The new regulations contain a list of tariffs on bank credits for import, ' and collections drawn on the incoming and outgoing Rials and foreign currency and other tariff collections which include checks clearing.
It also contains the tariff on the current accounts, statements and closing the account and check book, and instructions for a list of payment, as well as tariff on letter of guarantee. There will also be tariff collection fees on the transfer of money in various places in Saudi Arabia through a bank draft or money order, postal or telegraph, telex, as well as transfer to any places outside Saudi Arabia through travelers' checks, and the sale or issuance of personal credits.
Following the discontent of citizens for the deduction of bank service fees from current accounts balances, which go up to 5.2 riyals per month if balance falls to SR 1000, Saudi Arabian Monetary Agency issued the new regulations.