SAMA Considers ‘Fast System’

RIYADH, 31 August 2005 — Saudi Arabian Monetary Agency (SAMA) is currently studying the project to connect foreign and Gulf bank with “Fast System”, Al-Eqtisadiah newspaper reported. Meetings are still underway between banks from the Gulf and number of foreign banks in which they discussed requirements and plans. SAMA is getting ready to receive applications from number of foreign banks after they were approved to work, under local rules and regulations, in the Saudi domestic market.