Banking Control Law

Each bank shall, at all times, maintain with SAMA a statutory deposit of at least 15% of its deposit liabilities. SAMA may amend such percentage as public interest dictates, provided that it does not fall below 10% nor exceed 17.5%. SAMA may, however, exceed said limits upon the approval of the Minister of Finance and National Economy. Each bank shall, in addition to the statutory deposit referred to in the preceding paragraph, maintain a liquidity reserve that does not fall below 15% of its deposit liabilities. Such reserves shall be in cash or gold, or short term assets which can be converted into cash within a period not exceeding 30 days. SAMA may, when necessary, raise such percentage up to 20%.