The Monetary Authority Closes Several Exchange Shops and Imposes Fines on Others for Violating Exchange Rate Instructions

SadaNews Economy - The Monetary Authority has issued a decision to close several exchange shops/companies for violating the provisions of Instruction No. (01) for the year 2024 regarding the exchange rates of major currencies. This decision involved the closure of some shops or their branches, based on the provisions of the law regarding the licensing and supervision of the exchange profession and the related instructions, and financial fines were imposed on several other violating shops.

This comes in light of the intensive regulatory follow-ups carried out by the Monetary Authority teams on exchange shops, to monitor their compliance with the regulating instructions, and as part of the ongoing efforts to control and regulate the currency exchange market.

The Monetary Authority continuously coordinates with the relevant security agencies to ensure that all exchange shops/companies comply with the decisions issued against them and adhere to the regulatory controls to achieve financial stability and protect the public interest. It emphasized that it will spare no effort in taking any additional measures to safeguard citizens' interests and protect the national economy.

The Monetary Authority also confirms that it will continue to take punitive measures against any entity proven to be in violation, in order to uphold transparency and discipline, and to prevent any violations that may harm citizens or undermine trust in the financial system.