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Description

The Saudi Central Bank (SAMA) is the Central Bank of the Kingdom of Saudi Arabia. SAMA was established in 1371H (1952). The objectives of the Bank are as follows: 1- Maintaining monetary stability. 2- Supporting financial sector stability, and promoting confidence in it. 3- Supporting economic growth. SAMA's functions are as stipulated in the Central Bank Law. Some of the functions and powers to achieve its objectives are listed below. • Issuing the national currency • Oversighting and supervising financial institutions • Issuing regulations and instructions relevant to financial institutions and their business. • Formulating and conducting monetary policy • Managing FX reserves • Acting as banker and advisor to the government • Developing and operating the infrastructures of national payment, settlement and clearing systems • Establishing procedures to ensure protection of financial institutions' customers