The Monetary Authority issued instructions to banks and money changers aimed at reducing the risks of trading counterfeit and counterfeit currencies. The instructions include requiring banks and money changers to provide machines to count and examine currencies based on security features and specifications, thus identifying and detecting currencies that do not conform to specifications, are forged or counterfeit.
The Monetary Authority also called for these machines to be deployed in all bank branches and money changers, and for these machines to be constantly updated to enable them to identify invalid currencies and detect and distinguish currencies suspected of being forged or counterfeited.
The Monetary Authority stressed that the public’s use of electronic channels and electronic financial services is considered a safe and less risky alternative to dealing with paper cash, and reduces the risk of dealing with counterfeit and counterfeit currencies.
Within its approved strategy entitled Digital Transformation, the Monetary Authority seeks to enhance the use of modern payment methods in financial and commercial operations and reduce the use of paper cash. In this context, the Monetary Authority is close to completing the operation of the bill display and payment system (E-Sadad), which will provide the public with a bill payment service. Through bank accounts and cards automatically and through banking applications of licensed banks, the system will be officially launched before the end of this year
Source: Maan News Agency