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The Saudi Central Bank ( ar, البنك المركزي السعودي), previously known as the Saudi Arabian Monetary Authority (SAMA; ar, link=no, مؤسسة النقد العربي السعودي), established in 1952, is the central bank of the
Kingdom of Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the Ara ...
. After the name change in 2020, the Saudi Central Bank continued to use the same acronym (SAMA).


History

Prior to the establishment of the Saudi Central Bank, the Saudi Hollandi Bank, a branch of the Netherlands Trading Society from 1926 acted as a de facto central bank. It kept the Kingdom's gold reserves and received oil revenues on behalf of the Saudi Arabian government. In 1928 it assisted in the establishment of a new Saudi silver coin, commissioned by King Abdulaziz which became the Kingdom's first independent currency. The Saudi Hollandia Bank handed over its responsibilities to the SAMA when it was established in 1952 and became a model for other foreign banks in the kingdom. The building's current headquarters, which was built in 1985 was designed by American architect Minoru Yamasaki. The modern central bank operates through regulatory infrastructure developed by Irish firm
Vizor Vizor is an Irish software company that creates regulatory software for central banks, tax authorities, pension and insurance regulators, and other regulatory authorities. History Vizor was founded in 2000 by Ross Kelly and Conor Crowley in Sand ...
. In March 2020 and April 2020, the SAMA moved 150 billion Saudi riyals (US$ 40 billion) to the Public Investment Fund (PIF). US$ 25 billion was transferred in April and US$ 15 billion in May.


Functions

SAMA is the Central Bank of Saudi Arabia, the functions of the SAMA include issuing the national currency, the Saudi Riyal, supervising commercial banks, managing foreign exchange reserves, promoting price and exchange rate stability, and ensuring the growth and soundness of the financial system, operating a number of cross-bank electronic financial systems such as MADA (previously SPAN), SARIE, and SADAD.About the SAMA
SAMA


List of governors


Leadership and structure

A board of directors oversees the operations of SAMA. This comprises the governor, vice-governor and three other nominated members from the private sector. The terms of appointment are 4 years for the governor and vice-governor, extendable by Royal decree, and 5 years for the other members, also extendable by Royal decree. Members of the board cannot be removed except by Royal decree. The SAMA senior management comprises the governor, the vice-governor and five deputy governors.


Board of Directors


Senior Management


Balance sheet

The SAMA balance sheet is denominated in Saudi Riyals, which is pegged at an official rate of 3.75 against the US dollar. All currency notes issued by SAMA are fully backed by equivalent gold deposits. (Millions of Saudi Riyals) 2012 figures are at end of 1st quarter.Saudi Arabian Monetary Agency 48th Annual Report, p. 36


SAMA Foreign Holdings

In addition to its functions, the Saudi Central Bank controls SAMA Foreign Holdings, the sovereign wealth fund of Saudi Arabia. The fund is the third largest sovereign wealth fund in the world, with assets of over $700 billion. In October 2015, Governor Fahad Abdullah Al-Mubarak of the Saudi Central Bank was ranked #2 on the Public Investor 100.


See also

* Capital Market Authority (Saudi Arabia) * Electronic Securities Information System *
List of banks in Saudi Arabia In Saudi Arabia, a total of 31 banks are currently licensed by the Saudi Arabian Monetary Authority (SAMA): 11 local banks and 20 branches of foreign banks. National-Licensed commercial Banks in Saudi Market There are 11 local licensed banks in ...
* List of financial regulatory authorities by country * SADAD * Saudi Payments Network (SPAN) *
Saudi riyal The Saudi riyal ( ar, ريال سعودي ') is the currency of Saudi Arabia. It is abbreviated as or SAR ''(Saudi Arabian Riyal)''. It is subdivided into 100 halalas ( ar, هللة '). The currency is pegged to the US dollar at a constant rate ...
* Tadawul


References


External links


SAMA Official WebsiteEncyclopædia BritannicaSAMA SWFI Profile
{{authority control 1952 establishments in Saudi Arabia Banks established in 1952 Banks of Saudi Arabia Saudi Arabia Government agencies of Saudi Arabia Sovereign wealth funds