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Home › Frameworks › Financial services › Saudi Central Bank Law
| Type | Law |
|---|---|
| Issuing authority | Saudi Central Bank (SAMA) |
| Framework | Financial services |
| Tier | Primary law: niẓām (Royal Decree M/…) |
| Legal status | Binding |
The Saudi Central Bank Law is the constitutive statute of the Saudi Central Bank (SAMA), issued by Royal Decree M/36 (11/4/1442H, 26 November 2020), superseding the Saudi Arabian Monetary Authority Law of 1377H. The Bank is a financially and administratively independent legal person reporting to the King, with three statutory objectives: maintaining monetary stability, supporting the stability of, and trust in, the financial sector, and supporting economic growth (Art. 3).
Article 4 grants the Bank its toolkit: issuing and regulating currency, supervising financial institutions and issuing regulations and directives to them, conducting monetary policy and managing foreign reserves, operating national payment, settlement and clearing infrastructure, licensing and supervising financial-technology platforms, and issuing consumer-protection directives. "Financial institution" is defined broadly as any person subject to the Bank's supervision.
Six chapters and 27 articles long, the Law is the foundation on which SAMA's supervisory rulebook rests, including its Cyber Security Framework, the Cyber Resilience Fundamental Requirements and the Payment Services Provider Regulations.
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