SAMA directs banks to issue clearance letters; transfer accounts, debts in shorter period

Logo of SAMA

The Saudi Central Bank (SAMA) directed banks to issue clearance letters and execute account and debt transfer in a shorter period.

In a statement, the central bank said the letter will be issued in one business day if there are no due or outstanding financial obligations.

SAMA added that the letter will be issued in seven business days for the clients having a credit or debit card.

The account transfer will be implemented in one business day, while closing the other account.

The consumer finance debt will be transferred in one business day to complete the debt transfer forms.

As for the mortgage debt, SAMA said it will be transferred in three business days to complete the debt transfer forms, and five business days to complete the processing of the request from the date of receiving the approval of the financing entity that plans to purchase the debt.