Central Bank: Overview of Banking Services and Associated Fees
The Saudi Central Bank has confirmed that it will not allow charges on basic operations and services for individuals, aiming to regulate banking transactions and strengthen oversight of local banks. This comes after significant disparities among banks regarding fee deductions, unclear communications to customers, as well as issues with the speed of mortgage releases and updates to banking applications. The decision seeks to enhance transparency and reduce repeated deductions without clear notifications, thereby reinforcing the Central Bank's role in monitoring and setting limits on banking fees.
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