Freezing Expatriates Bank Accounts are Just Rumours

The Saudi Arabian Monetary Authority (SAMA) has announced and denied the rumors on Monday regarding freezing of Expatriates bank accounts or it would freeze bank accounts of foreign workers whose incomes did not match the standard wage of their professions as per Saudi Labor Law.

SAMA has posted on its Twitter account to deny the reports circulating over internet on social media websites and denied the rumours.

The authority has said to all the banks in the Kingdom follow the rules & regulations regarding accounts of all customers and take measures only in accordance with the appropriate laws and instructions.

This new was circulating on Social media wherein most of the expat employees have been leaving Saudi arabia due to current economic conditions in the kingdom of Saudi Arabia and due to this effect Banks were freezing the accounts of expats and also applying charges for money transfer

But SAMA clarified that the above new is just a rumor and Banks will follow the said rules and regulations only instructed by SAMA and there is no change in any of the rules & regulation in Saudi Banking.