Wednesday, November 25, 2020
Fate of Saudi Currencies after renaming 'Saudi Arabian Monetary Authority' as Saudi Central Bank
The approval of the Council of Ministers, headed by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, was issued for the Saudi Central Bank’s Law. The new law changes the name “Saudi Arabian Monetary Authority” with “Saudi Central Bank”.
The Saudi Central Bank is directly related to the King, it will continues to enjoy financial and administrative independence, This is in line with the global practices of central banks. The law stipulates that Saudi Central Bank to replace the Saudi Arabian Monetary Authority (SAMA) in all its rights and obligations.
- The Saudi Central Bank system stipulated that "banknotes and coins of all denominations bearing the name of the Saudi Arabian Monetary Authority (SAMA) would continue to retain the status of legal circulation and procedural power". Similar : SAMA launches 20 Riyals denomination note
- The law also included confirming that the central bank is responsible for setting and managing monetary policy and choosing its tools and procedures, in addition to clarifying the bank’s relationship with the government and relevant external international bodies. The system established a framework for governing the bank's business and decisions.
- According to the law, the Central Bank of Saudi Arabia will keep the acronym "SAMA" for its historical importance and its position locally and internationally. See Also : New 5 Riyals launched in Saudi Arabia
- The new law enhances the role of the Saudi Central Bank, meets its requirements, keeps pace with the rapid global economic and financial development, and is in line with the Saudi Vision 2030 , which aims to make Saudi Arabia an exemplary and leading nation in all aspects.
