SAMA Threatens Tough Actions Against Albilad

JEDDAH, 22 July 2005 — A source from the Saudi Arabian Monetary Agency (SAMA), revealed to Al-Madinah newspaper that SAMA is about to take tough measures in the next few days against Albilad Bank to finish the problem for more than one thousand employees working in banking institutions. According to the source, Albilad Bank is delaying employing the employees under the excuse that the banking institutions did not close down its braches. This new move by SAMA came after a member of Al-Rajhi Commercial Foreign Exchange sent a letter to the ministry council complaining against Albilad Bank for not carrying out the decision by the ministry council.