Saudi Central Bank (SAMA)
Overview
Saudi Central Bank, formerly known as the Saudi Arabian Monetary Agency (the Central Bank of the Kingdom of Saudi Arabia), was established in 1952. It is also known as SAMA for short (Saudi Arabian Monetary Authority), and it is the central bank of Saudi Arabia, and it is the most serious and professional regulatory body in the banking sector. in the Gulf region. And the best risk manager at the level of central banks in the world for the year 2018-2019, according to the Central Banking Committee. The current Governor of the Bank is Fahd bin Abdullah Al-Mubarak since Jumada II 11, 1442 AH, corresponding to January 24, 2021.
Services
Saudi Central Bank (SAMA) was established in 1372 AH (1952 AD) and was entrusted with many tasks under several regulations and instructions. The most important of these tasks are the following:
Doing the work of the government bank.
Minting and printing the national currency (the Saudi riyal) and supporting the Saudi currency and consolidating and fixing its internal and external value, in addition to strengthening the currency cover.
Managing the Kingdom's foreign exchange reserves.
Managing monetary policy to maintain price stability and exchange rates.
Encouraging the growth of the financial system and ensuring its soundness.
Monitoring commercial banks and those engaged in currency exchange business.
Monitoring cooperative insurance companies and insurance-related liberal professions companies.
Monitoring finance companies.
Monitor credit information companies.