Saudi Government May Face Serious Economic Crisis

Saudi government clamps down on transferring money out of country.

Saudi Arabia currency Image courtesy: www.gfmag.com

(SALEM, Ore.) - Current reports suggest that the princes and the rich intend to pull their money out of Saudi banks and they are going to transfer their assets out of the country.

This has created severe financial problems for the banks and King Salman issued an order to apply significant limitations for money transfer out of the country. Now banks are required to impose restrictions on large cash withdrawals.

According to the issued statement, transferring more than 500 thousand dollars out of the country is prohibited and if the person making the transfer has bought property abroad, they will need to present the official documents in order to transfer that amount of cash.

Saudi Arabia's internal situation has been radically altered however Security systems prevent the transmission of factual information and reflect the present situation to get out of the country with pressure and intense media censorship.