Saudi Arabia mulls options for minimum cash circulation

02/03/2021 Argaam

Logo of National Program for Combating Commercial Concealment 

Saudi Arabia’s Ministry of Commerce, together with the Saudi Central Bank (SAMA), is mulling options for the minimum cash limit for transactions in the Kingdom, Al Riyadh newspaper reported, citing an official of the National Program for Combating Commercial Concealment.

 

“These options are under study, and will be implemented soon, following suit of other countries, but without impacting the cash circulation levels in the Kingdom,” he added.

 

The program is also planning to launch an anti-commercial concealment index, in cooperation with the Saudi Data and Artificial Intelligence Authority (SDAIA), for determining the size of the cash transactions.

 

“Around SAR 300-400 billion was suspected to be concealed in 2019,” the official noted.

 

Two days ago, the Ministry of Commerce's National Program for Combating Commercial Concealment said that the corrective period granted to violators of the anti-cover-up law started on Feb. 28, 2021, and will run through Aug. 23, Argaam reported.

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