Saudi Arabian Monetary Agency

By: EconomyWatch   Date: 9 September 2010

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The Saudi Arabian Monetary Agency (SAMA) is the central bank of the Kingdom of Saudi Arabia. The bank was established in 1952. Ever since its inception, the bank has been playing an important role in the consolidation and expansion of the Saudi financial system.

As the central bank of the country the bank is required to:

  • Issue the national currency and control its circulation
  • Act as the banker to the government
  • Supervise the activities of the commercial banks in the country
  • Hold and manage the foreign exchange reserves of the country
  • Promote and work towards ensuring price and exchange rate stability in the country
  • Devise ways to ensure the growth and soundness of the Saudi Arabian financial system

The administration of the Saudi Arabian Monetary Agency is in the hands of a Board of Director. The Board consists of the Governor, as the ex-officio chairman of the board, the Vice-Governor as the ex-officio member and three other nominated members who represent the private sector.

The tenure of the Governor and the Vice-Governor is 4 years while in case of members it is 5 years. The tenure of the members is extendable by a royal decree.

With the growth of the country’s economy, a multifaceted expansion of the financial system and increase in the volume of fiscal dealings of the government, the Authority’s responsibilities have increased manifold. Its prudent monetary policy has facilitated in exchange rate and domestic price stability in the country and in the process ensuring the overall development of the Saudi Arabian economy.

The Address and Contact details of the bank is as follows:

Saudi Arabian Monetary Agency

Address: P.O. Box 2992 Riyadh - 11169 SAUDI ARABIA Phone No.: ++966-1-463 30 00 Fax: ++966-1-463 39 85


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