The Saudi Council of Ministers headed by the Custodian of the Two Holy Mosques, King Salman bin Eid al-Aziz Al Saud, approved the Saudi Central Bank system. Where the name "Saudi Central Bank" will replace the name "Saudi Arabian Monetary Agency." The system included an amendment to the name of the Saudi Arabian Monetary Agency to become the Central Bank of Saudi Arabia and to be directly related to the King, with the Central Bank continuing to enjoy financial and administrative independence, in line with the global practices of central banks.
The system also included a provision requiring that the Central Bank of Saudi Arabia replace the Saudi Arabian Monetary Agency in all its rights and obligations.
The system defined the objectives of the central bank through:
· Maintaining monetary stability.
· Supporting the stability of the financial sector and enhancing confidence in it.
· Supporting economic growth.
The system also included emphasizing 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 international external bodies, and establishing the system as a framework for governing the bank’s business and decisions.
According to the system, the Central Bank of Saudi Arabia will retain the acronym "SAMA" for its historical importance and its position both locally and internationally, as well as banknotes and coins of all categories bearing the name of the Saudi Arabian Monetary Agency; will continue to retain statutory circulation and executive power.
On this occasion, Dr. Ahmed bin Abdul Karim Al-Khulaifi, Governor of the Central Bank of Saudi Arabia, affirmed that this approval aims to keep pace with best international practices and to achieve the public good since the establishment of the Saudi Arabian Monetary Agency in 1952 until the present time.
Source (Alarrabiya.net website, Edited)