Saudi Monetary Authority Rebranded as Saudi Central Bank Under New Central Bank Law

Saudi Arabia’s Cabinet has approved a new Saudi Central Bank Law, which includes changing the name of the Saudi Arabian Monetary Authority (SAMA) to the Saudi Central Bank, with direct reporting to the Saudi King, Salman bin Abdulaziz Al-Saud, according to local media reports.

The new legislation stipulates that the Saudi Central Bank shall replace SAMA in all its rights and obligations, while retaining its financial and administrative independence, in line with international best practices for central banks. However, the Saudi Central Bank will continue to use the old acronym ‘SAMA’ which is widely recognised locally and globally, alongside its new name, with banknotes and coins with the SAMA name rem...