In 1952, the Saudi Arabian Monetary Authority (SAMA) was established. During that period, SAMA was acting as the Saudi Government’s banker with primary functions. The Royal Decree was issued in 2020 approving the Saudi Central Bank Law, including the amendment of the name of the Saudi Arabian Monetary Authority to become the Saudi Central Bank, keeping the same acronym (SAMA). The Saudi Central Bank continues to be financially and administratively independent, as well as pursuing its duties such as handling 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, SAMA is entrusted to manage the Kingdom’s foreign exchange reserves and the stability of prices and exchange rate. As well as being a key to the development of the financial system in the Kingdom and its soundness, SAMA is overseeing commercial banks, exchange dealers, cooperative insurance companies and self-employment professions relating to the insurance activity, finance companies, credit information companies, payment systems and payment service providers.
