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Saudi considering limiting expat bank transfers
- Saudi Arabia: Sunday, May 05 - 2013 at 01:29
Saudi lenders are considering imposing a limit on the amount of money expatriates send home to comply with regulations issued by the labour ministry as part of the Nitaqat programme, Arab News has reported. The regulations would see banks prevent expatriate workers from transferring sums more than their monthly income and freezing the accounts of workers who have not rectified their status. However, banks have no intention to freeze accounts, said the secretary-general of media and education for Saudi banks, Talat Hafiz. "The banks cannot take such action. It is not their business to decide on these matters. The only party authorised to take such action is Saudi Arabian Monetary Agency," he said. "Saudi banks report to SAMA. So far we have not blocked anyone from opening an account, even those not licensed to work in the kingdom."
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