King Salman approves renaming Saudi Arabian Monetary Authority to Saudi Central Bank

The Saudi Arabian Monetary Authority will be renamed the Saudi Central Bank under a new law approved by King Salman bin Abdulaziz al-Saud, the central bank said on its official twitter account.

The new law sets out the central bank’s objectives that include maintaining monetary stability, promoting financial sector stability and supporting economic growth, with direct reporting to the King, a separate central bank statement said.

The Saudi Central Bank will continue to use the acronym “SAMA” due to its historic significance and relevance locally and globally. The banknotes and coins, bearing the name of the Saudi Arabian Monetary Authority, will also remain in circulation and keep their status as legal tender.