- Saudi Arabian Monetary Agency
The Saudi Arabian Monetary Agency (SAMA), established in 1952, is the central bank of the Kingdom of
Saudi Arabia .History
At the time of its establishment, Saudi Arabia did not have a monetary system of its own. Foreign currencies were used as a medium of exchange, along with Saudi silver coins. Saudi bank notes had not yet been issued. Banking was conducted by foreign bank branches. Therefore, the first task of the SAMA was to develop a Saudi currency. The SAMA also paid attention to the need for promoting the growth of a national banking system. In March 1961, Saudi Arabia converted to the
Saudi Riyal , in accordance with Article VIII of the Articles of Agreements of theInternational Monetary Fund . In the 1970s and early 1980s, the SAMA focused on controlling inflation as the economy boomed, expanding the banking system, and managing foreign exchange reserves. From mid 1980s, SAMA’s priorities have been to introduce financial market reforms. [http://www.sama-ksa.org/en/about/history.htm SAMA History] ]Functions
The functions of the SAMA include issuing the national currency, the Saudi Riyal, acting as a banker to the government, supervising
commercial bank s, 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 (SPAN, Tadawul, SARIE,SADAD and MAQASA). [http://www.sama-ksa.org/en/about/ About the SAMA] ]Leadership
The governor of SAMA since 1983 has been
Hamad Saud Al-Sayari .ee also
*
Saudi riyal
*SPAN
*Tadawul
*SADAD References
External links
* en icon [http://www.sama.gov.sa Official site: Saudi Arabian Monetary Agency]
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