The Council of Ministers, meeting on Tuesday headed by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, approved changing the name of the Saudi Arabian Monetary Agency to the name of the Central Bank of Saudi Arabia.

And the decision (seventh) of the council stated:

Approval of the Saudi Central Bank system, and the name "Saudi Central Bank" replaces the name "Saudi Arabian Monetary Agency."

Governor of the Saudi Central Bank explains

The Governor of the Saudi Central Bank, Dr. Ahmed bin Abdul Karim Al-Khulaifi, explained that the Saudi Arabian Monetary Agency has worked during the last period to study best international practices in central banking laws and related recommendations, and to subject these studies to analysis to ensure their consistency with the local environment and the Kingdom's economy. As a result, a project to update the system of the Saudi Arabian Monetary Agency "SAMA" to become the system of the Central Bank of Saudi Arabia, strengthening the role of the Central Bank in the performance of its tasks, and in keeping with the requirements of the times and the rapid economic and financial development around the world, and in line with the Kingdom's vision 2030, which aims to make the Kingdom a successful model And a leader in the world at various levels.

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 - may God bless him - 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, enhancing confidence in it, and 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 locally and internationally, as well as banknotes and coins of all classes bearing the name of the Saudi Arabian Monetary Agency; You will continue to retain statutory circulation and executive power.