Despite the name being modified, the Central Bank stated on its website that the old name will be continued to be utilized as the acronym “SAMA” all due to the historical significance.
Under the latest rule as approved via King Salman Bin Abdulaziz, the Saudi Arabia has renamed their banking regulator Saudi Arabian Monetary Agency to Saudi Central Bank that will be directly governed as well as report towards the King under the new regulation, however, it will continue thriving as well as enjoy all Financial as well as Administrative flexibility, as announced by the financial regulator or lender on a statement posted on its website.
The Saudi Central Bank as the nations core banking, lending institution will continue thriving to fulfil all the roles, responsibilities assigned to it like Maintenance of better financial stability, promotion of stability as well as enrichment of the trust or confidence within the national finance arena, as well as aiding economic expansion within the kingdom.
Like majority of other peers within the Saudi Arabia’s Banking Landscape, it will thrive to be responsible for maintenance of better kingdom’s banking regulations pegging its currency to US Dollar as well as following the Federal Reserve Interest rate transfers.
The statement further announced that “All the currencies in form of the Banknotes, coins of all denominations will bear the name of Saudi Arabian Monetary Authority will be remaining within the circulation and will be kept its status as a legal tender until any further updates will be not arrived at.”
SAMA has always pioneered out from the front in continued thriving efforts of the kingdom of Saudi Arabia’s hard work in defending the national interests and its economic value from the impression of the COVID-19 Pandemic at all times. Governments as well other national authorities globally have rolled out in excess of $12 trillion within the Fiscal stimulus, aided in the form of $7.5 trillion in form of Financial actions by all lead Central Banks.
The current Saudi Islamic Finance Law, also clearly authorizes that the Saudi Central Bank will be solely accountable for setting up monetary policy as well as in altering or keeping intact or selection of varied instruments as well as procedures.
The kingdom has bundled out 142 stimulus creativities with a total value of 214 billion Saudi riyals ($57bn) since the pandemic outbreak. In June, SAMA had injected 50bn riyals into its banking segment to enhance the liquidity and the lending capacity of all national financial institutions. This followed a 50bn riyal stimulus bundle and other initiatives to provision small and medium sized enterprises during the March this year in 2020.
