SAMA eases banking rules for an estimated 500,000 Burmese in Kingdom

April 17, 2008

The Saudi Arabian Monetary Agency (SAMA) has allowed Burmese residents in the Kingdom to open bank accounts without the need to present copies of their passport, provided they have a valid residency permit, Arab News reported today. 

In a statement quoted in Al-Eqtisadiah, SAMA said, "Burmese nationals will be allowed to conduct all banking transactions, including opening of current, fixed and investment accounts as long as they hold valid resident permits. They don't need to submit copies of their passports as is the case for other foreign nationals."

An estimated 500,000 Burmese nationals reside in the Makkah region. Most have a special residential status in the Kingdom.