The Saudi Central Bank (SAMA) has granted Trafileks a licence to operate as a money changer in the Kingdom. The licence covers buying, selling and trading foreign currencies inside Saudi Arabia, as well as importing and exporting currencies. With this addition, the Kingdom now has 64 licensed money exchange centres.

SAMA said the move is part of its drive to support and empower the exchange sector, making financial transactions more efficient and flexible, broadening financial inclusion and extending financial services to all segments of society.

The central bank urged the public to deal only with financial institutions it has licensed or authorised, noting that the status of any institution can be checked on SAMA's website.