SAMA Head Office - Riyadh, Saudi Arabia
Saturday - 24 Ramadan 1420H - 1 January 2000
The Saudi Arabian Monetary Agency (SAMA) has announced that all Saudi banks have overcome the Y2K computer-related challenge with complete success. This has been confirmed by His Excellency Governor Mr. Hamad Al-Sayyari, following the presentation of a status report by the Y2K Task Force of SAMA and the Saudi Banks.
He re-affirmed that all financial and payment systems in SAMA and the Saudi banks have continued to function in a smooth manner, without any glitches. Mr. Al-Sayyari noted that while contingency plans had been fully developed and were ready for launch, they were not needed.
Mr. Al-Sayyari praised the close cooperation between SAMA and the banks, and other concerned national and international organizations.
He indicated the Y2K problem had been recognized at a very early stage by the national authorities, and as a result, the National Y2K Committee was formed by a Royal Decree.
All Y2K-rollover activities of the banks have now been completed without any disruption. All bank branches in addition to the Saudi payment and settlement systems have continued normal operations. Bank customers did not observe any deterioration in level and quality of service, thus making it a very successful transition.
