Central Bank of Saudi Arabia
Saudi Arabian Monetary Authority (SAMA) was established in the Era of King Abdulaziz, may Allah bless his soul, under two royal decrees issued on 20/4/1952, provided for establishing the Saudi Arabian Monetary Authority, its venue in Jeddah, and opening branches in cities and places as deemed necessary.
Custodian of the Two Holy Mosques, King Salman bin Abdel Azad Al Saud issued a Royal Decree on 24/11/2020, approving the Saudi Central Bank law, and changing the name of the Saudi Arabian Monetary Authority to the Saudi Central Bank, while retaining the acronym “SAMA"
The Central Bank of Saudi Arabia is responsible for the formulation and implementation of the Kingdom's monetary policies and to maintain monetary, banking and financial stability in the Kingdom and to contribute to the promotion of sustained economic growth in accordance with the Kingdom's general economic policies.
To achieve these objectives, the Central Bank of Saudi Arabia has several functions and tasks, the most notable of which are:
To deal with the banking affairs of the Government; Minting and printing the national currency (the Saudi Riyal), strengthening the Saudi currency and stabilizing its external and internal value, in addition to strengthening the currency’s cover; Managing the Kingdom’s foreign exchange reserves; Managing the monetary policy for maintaining the stability of prices and exchange rate; Promoting the growth of the financial system and ensuring its soundness; Supervising commercial banks and exchange dealers; Supervising cooperative insurance companies and the self-employment professions relating to the insurance activity;
The Central Bank of Saudi Arabia believes in the importance of strengthening relations with regional and international counterparts. In the interest of the Saudi Arabian leadership in strengthening its strategic international relations, the Central Bank participates actively in the meetings of various regional and international financial organizations and bodies, as well as in the technical committees and task-forces of those organizations.