Saudi Central Bank

The Saudi Central Bank, commonly known by the acronym SAMA, is the central bank and principal monetary and financial regulator of the Kingdom of Saudi Arabia. It was established in 1952, after a period in which the Saudi Hollandi Bank, then a branch of the Netherlands Trading Society, performed several functions associated with a central bank, including holding government gold reserves and receiving oil revenues. SAMA inherited and institutionalized those responsibilities as the Kingdom’s financial system developed. The institution issues and manages the Saudi riyal, supervises commercial banks and other regulated financial institutions, manages foreign-exchange reserves, supports price and exchange-rate stability, and works to preserve the soundness of the financial system. The riyal has an official peg to the US dollar at 3.75 riyals per dollar, making the management of liquidity, reserves, and monetary conditions closely connected to the Kingdom’s exchange-rate framework and external trade and energy revenues. SAMA is also an operator and overseer of important national financial infrastructure. Its payment and settlement responsibilities include systems associated with MADA, the Saudi domestic card and payments network formerly known as SPAN, SARIE for interbank payments, and SADAD for bill payment and related electronic transactions. Through these systems, the central bank has helped provide the infrastructure for retail payments, interbank transfers, and broader financial-sector digitization. The organization was known as the Saudi Arabian Monetary Authority until its official renaming as the Saudi Central Bank in 2020. The change aligned its formal English name more closely with its central-bank role, while the long-established SAMA acronym continued to be used. The bank relocated its principal operations from Jeddah to Riyadh in 1984, and its current headquarters building, designed by architect Minoru Yamasaki, was completed in 1985. In addition to its domestic supervisory and monetary functions, the bank manages substantial foreign assets and reserves. Public descriptions of the institution have also associated SAMA with the management of SAMA Foreign Holdings, an important state investment and reserve portfolio. During the economic and market disruption of 2020, SAMA transferred a reported total of SAR 150 billion to the Public Investment Fund in two stages. These transfers illustrated the institution’s role within the wider architecture of Saudi economic policy, although the central bank’s core mandate remains monetary and financial stability rather than commercial banking. SAMA is overseen by a board of directors consisting of the governor, vice-governor, and other appointed members. Its senior management structure includes the governor, vice-governor, and deputy governors responsible for major operational areas. As a government institution, it is not publicly listed and has no stock-market ticker. Its principal market is Saudi Arabia, though its reserve management, exchange-rate policy, banking supervision, and payment systems have significance for international banks, investors, and companies operating in the Kingdom.

Before SAMA was established, the Saudi Hollandi Bank operated as a de facto monetary institution for the Kingdom. It was the local branch of the Netherlands Trading Society and had been active in Saudi Arabia since 1926. Among its public-sector functions were holding the Kingdom’s gold reserves and receiving oil revenues for the Saudi government. In 1928, it also assisted with the creation of a new Saudi silver coin commissioned by King Abdulaziz. That coin became an early independent currency of the Kingdom and reflected the gradual development of a distinct Saudi monetary system. SAMA was founded in 1952 and assumed the central monetary responsibilities previously handled by the Saudi Hollandi Bank. Its creation provided a dedicated state institution for currency management, reserve administration, banking oversight, and monetary organization. The institution’s development occurred alongside the expansion of oil production, public revenues, commercial banking, and government administration, all of which increased the need for a formal central bank. For much of its history, the institution was formally called the Saudi Arabian Monetary Authority, while SAMA remained its widely recognized acronym. Its responsibilities expanded beyond currency issuance to include supervision of commercial banks, foreign-exchange reserve management, support for price and exchange-rate stability, and development of financial infrastructure. The Saudi riyal’s official peg to the US dollar became a central feature of the Kingdom’s monetary framework, requiring careful management of reserves and domestic liquidity. SAMA moved its main operations from Jeddah to Riyadh in 1984. A new headquarters designed by American architect Minoru Yamasaki was completed in 1985, reinforcing Riyadh’s role as the center of national economic administration. Over subsequent decades, SAMA also became associated with the modernization of Saudi payments. It supported systems including SPAN, later known as MADA, SARIE, and SADAD, allowing the financial sector to handle domestic card payments, interbank transfers, bill payments, and related electronic transactions through nationally coordinated infrastructure. The institution’s reserve and asset-management role has been significant because Saudi Arabia’s economy is closely connected to oil revenues, international trade, and the dollar-based global financial system. Public descriptions of SAMA have referred to SAMA Foreign Holdings as a major portfolio of foreign assets and reserves. In 2020, amid severe global economic and market disruption, SAMA transferred a reported SAR 150 billion to the Public Investment Fund. The action demonstrated the institution’s place within Saudi Arabia’s broader economic-policy framework, while also highlighting the importance of distinguishing central-bank reserve and monetary functions from the investment mandate of the sovereign wealth fund. In 2020, the institution received its current formal name, Saudi Central Bank. The renaming clarified its status as the Kingdom’s central bank, but did not eliminate the SAMA acronym used in domestic and international financial contexts. Today, the bank remains responsible for currency issuance, monetary and exchange-rate stability, bank supervision, financial-sector resilience, reserve management, and national payments infrastructure. It is a state institution rather than a listed company and operates primarily within Saudi Arabia, with international relevance through its reserve holdings, banking regulation, currency regime, and relationships with global financial markets.

• 2023

  Ayman Al-Sayari becomes governor

  [11]Ayman Al-Sayari becomes governorsama.gov.sa

  Ayman Al-Sayari was appointed governor of Saudi Central Bank.

• 2021

  Institution renamed Saudi Central Bank

  [10]Institution renamed Saudi Central Banksama.gov.sa

  A royal decree changed the formal name from Saudi Arabian Monetary Authority to Saudi Central Bank.

• 2020

  Institution is renamed Saudi Central Bank

  [1]Saudi Central Banken.wikipedia.org

  The formal name changes from Saudi Arabian Monetary Authority to Saudi Central Bank, while the SAMA acronym remains in use.

• 2020

  SAR 150 billion is transferred to the Public Investment Fund

  [1]Saudi Central Banken.wikipedia.org

  SAMA transfers a reported SAR 150 billion to the Public Investment Fund in two stages during March and April.

• 2018

  Fintech Saudi launched

  [6]Fintech Saudifintechsaudi.com

  SAMA and the Capital Market Authority launched Fintech Saudi to support the development of Saudi Arabia's financial-technology ecosystem.

• 1986

  Riyal-dollar parity framework adopted

  [9]Riyal-dollar parity framework adoptedsama.gov.sa

  Saudi Arabia formalized the riyal's fixed relationship with the US dollar, a framework that has shaped the authority's monetary and reserve operations.

• 1985

  Yamasaki-designed headquarters is completed

  [1]Saudi Central Banken.wikipedia.org

  The institution’s new Riyadh headquarters, designed by architect Minoru Yamasaki, is completed.

• 1984

  Head office moves from Jeddah to Riyadh

  [1]Saudi Central Banken.wikipedia.org

  SAMA relocates its principal headquarters and operations to Riyadh.

• 1961

  Saudi riyal becomes the country's official currency

  [8]Saudi riyal becomes the country's official currencysama.gov.sa

  The Saudi riyal was formally established as the national currency, strengthening the authority's currency-management role.

• 1952

  SAMA is established

  [1]Saudi Central Banken.wikipedia.org

  The Saudi Arabian Monetary Authority is founded and takes over central monetary responsibilities previously handled by the Saudi Hollandi Bank.

• 1952

  Saudi Arabian Monetary Authority established

  [3]About Saudi Central Banksama.gov.sa

  Saudi Arabia established the monetary authority that later became known as SAMA and then Saudi Central Bank.

• 1928

  New Saudi silver coin is introduced

  [1]Saudi Central Banken.wikipedia.org

  The Saudi Hollandi Bank assists with the establishment of a silver coin commissioned by King Abdulaziz, an early step in the development of an independent Saudi currency.

• 1926

  Saudi Hollandi Bank begins operating in the Kingdom

  [1]Saudi Central Banken.wikipedia.org

  The Saudi Hollandi Bank, a branch of the Netherlands Trading Society, begins operations and later performs several functions associated with a central bank before SAMA is created.

The sovereign monetary authority, banking supervisor, reserve manager, and financial-system stabilizer of Saudi Arabia. Saudi Arabia's monetary authority and principal regulator of the banking, insurance, finance, and payments sectors.

• Currency and monetary services · 1952

  Saudi riyal issuance and management

  SAMA issues Saudi Arabia’s national currency and manages the monetary arrangements supporting the riyal. The currency operates under an official peg to the US dollar at 3.75 riyals per dollar, making reserve management, liquidity conditions, and exchange-rate credibility central elements of the bank’s mandate. Its currency function includes design and issuance, circulation management, quality control, withdrawal of worn notes, and public information about security features and denominations.

• Payment network

  MADA

  MADA is Saudi Arabia’s domestic electronic card and payments network. It developed from the earlier Saudi Payments Network, known as SPAN, and provides nationally coordinated infrastructure for card-based and electronic retail transactions.

• Interbank payment system

  SARIE

  SARIE is an interbank electronic payment and settlement system associated with SAMA. It supports transfers between financial institutions and forms part of the Kingdom’s core financial-market infrastructure.

• Electronic bill payment

  SADAD

  SADAD is a Saudi electronic bill-payment system that connects customers, banks, and billers. It enables the processing of government and commercial bill payments through participating financial institutions.

• Financial regulation · 1952

  Banking supervision

  SAMA supervises commercial banks and contributes to the regulation and resilience of Saudi Arabia’s financial system. Its supervisory role covers the soundness of regulated institutions and supports confidence in the Kingdom’s banking sector. Its supervisory work covers prudential soundness, governance, capital and liquidity, risk management, consumer protection, and compliance with applicable financial-crime controls.

• Currency · 1952

  Saudi riyal banknotes and coins

  Saudi Central Bank issues, manages, and safeguards Saudi Arabia's banknotes and coins. Its currency function includes design and issuance, circulation management, quality control, withdrawal of worn notes, and public information about security features and denominations.

• Central banking · 1952

  Monetary policy and liquidity operations

  The bank conducts monetary and liquidity operations consistent with Saudi Arabia's exchange-rate framework. These activities help manage banking-system liquidity, support monetary stability, and preserve confidence in the riyal and the financial system.

• Financial regulation · 1952

  Banking and financial-institution supervision

  SAMA licenses and supervises banks and other financial institutions within its mandate. Its supervisory work covers prudential soundness, governance, capital and liquidity, risk management, consumer protection, and compliance with applicable financial-crime controls.

• Payments

  National payment infrastructure

  The central bank oversees and develops payment and settlement infrastructure supporting retail and wholesale transactions in Saudi Arabia. The ecosystem includes electronic payments, card transactions, transfers, digital wallets, and other regulated payment services.

• Fintech regulation · 2018

  Fintech regulatory sandbox

  SAMA's regulatory-sandbox framework allows eligible fintech businesses to test innovative financial products and services under controlled conditions. The approach is intended to encourage innovation while allowing the regulator to assess consumer, operational, and systemic risks.

• 2018Fintech Saudi

  Saudi Arabia

  A national initiative established by SAMA and the Capital Market Authority to develop Saudi Arabia's fintech ecosystem through education, entrepreneurship support, ecosystem coordination, and regulatory engagement.

  Outcome. The initiative became a visible platform for fintech development and supported the expansion of innovation activity in Saudi financial services.

  Source
• Financial Sector Development Program

  Saudi Arabia

  SAMA contributes to the Saudi government program aimed at strengthening the financial sector, expanding access to financial services, improving market infrastructure, and increasing the role of digital payments and private-sector finance.

  Outcome. The program provides a policy framework for financial-sector modernization under Vision 2030.

  Source

• 2021

  Rename the monetary authority as Saudi Central BankStrategy

  Background

  The Saudi government sought to make the institution's central-bank identity more explicit while preserving continuity with the established SAMA institution.

  Action taken

  A royal decree changed the formal name from Saudi Arabian Monetary Authority to Saudi Central Bank. The acronym SAMA continued to be used in many contexts.

  Aftermath

  The institution retained its monetary, currency, reserve-management, supervisory, and financial-stability responsibilities under the new name.

  Source

• 2020

  Transfer of funds to the Public Investment FundStrategy

  Background

  The transfers took place during the economic and financial disruption associated with the COVID-19 period and formed part of the wider Saudi state response and economic-policy framework.

  Action taken

  SAMA transferred a reported total of SAR 150 billion to the Public Investment Fund, with one transfer reported in March and further funds transferred in April.

  Aftermath

  The transaction underscored the relationship between Saudi Arabia’s central-bank reserve management and the investment activities of the Public Investment Fund. The available reference material does not establish a broader quantified outcome.

  Funds transferred. SAR 150 billion transferred in aggregate (2020)

  Source

• 2020

  Formal renaming as Saudi Central BankStrategy

  Background

  The institution had operated for decades under the formal name Saudi Arabian Monetary Authority while retaining the SAMA acronym.

  Action taken

  Saudi Arabia changed the institution’s formal name to Saudi Central Bank. The SAMA acronym continued to be used.

  Aftermath

  The new name more directly identifies the institution’s central-bank status, while preserving continuity with its established identity.

  Source

• 2018

  Introduce fintech regulatory-sandbox activityStrategy

  Background

  Rapid growth in digital finance created a need to test innovative products while controlling consumer and financial-stability risks.

  Action taken

  SAMA established a sandbox framework through which eligible fintech firms could test products and services under regulatory supervision.

  Aftermath

  The framework became part of Saudi Arabia's broader fintech and financial-sector development architecture.

  Source

1. 1Saudi Central Banken.wikipedia.org
2. 2Saudi Central Bank official websitesama.gov.sa
3. 3About Saudi Central Banksama.gov.sa
4. 4Saudi Central Bank official websitesama.gov.sa
5. 5Saudi Central Bank governorssama.gov.sa
6. 6Fintech Saudifintechsaudi.com
7. 7Saudi Vision 2030 Financial Sector Development Programvision2030.gov.sa
8. 8Saudi riyal becomes the country's official currencysama.gov.sa
9. 9Riyal-dollar parity framework adoptedsama.gov.sa
10. 10Institution renamed Saudi Central Banksama.gov.sa
11. 11Ayman Al-Sayari becomes governorsama.gov.sa
12. 12Introduce fintech regulatory-sandbox activitysama.gov.sa