Saudi banks must enforce SAMA’s limit on ATM withdrawals: Report

Saudi Arabian banks that received instructions to impose a SAR 5,000 ceiling on ATM withdrawals must enforce the new regulation on all customers without exceptions, according to the kingdom’s central bank.

The new regulatory procedure imposed by the Saudi Arabian Monetary Agency, known as the central bank, applies to all retail customers of commercial banks operating in the kingdom, said Talaat Hafez, chairman of the information and awareness committee of Saudi banks.

Some banks, however, are allowed to place a SAR 10,000 withdrawal limit on their ATMs, Hafez was quoted as saying in Mecca newspaper.