Saudi Arabian Monetary Authority


The Saudi Arabian Monetary Authority, established in 1952, is the central bank of the Kingdom of Saudi Arabia. Previously, it was known as Saudi Arabian Monetary Agency.

History

Prior to the establishment of the Saudi Monetary Authority, the Saudi Hollandi Bank, a branch of the Netherlands Trading Society from 1926 acted as a de facto central bank. It kept the Kingdom's gold reserves and received oil revenues on behalf of the Saudi Arabian government. In 1928 it assisted in the establishment of a new Saudi silver coin, commissioned by King Abdulaziz which became the Kingdom's first independent currency. The Saudi Hollandia Bank handed over its responsibilities to the SAMA when it was established in 1952 and became a model for other foreign banks in the kingdom. The modern authority operates through regulatory infrastructure developed by Irish firm Vizor.
In March 2020 and April 2020, Saudi Arabian Monetary Authority moved 150 billion Saudi riyals to the Public Investment Fund. US$ 25 billion was transferred in April and US$ 15 billion in May.

Functions

SAMA is the Central Bank of Saudi Arabia, the functions of the SAMA include issuing the national currency, the Saudi Riyal, supervising commercial banks, 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 MADA, SARIE, and SADAD.

Leadership and structure

A board of directors oversees the operations of SAMA. This comprises the governor, vice-governor and three other nominated members from the private sector. The terms of appointment are 4 years for the governor and vice-governor, extendable by Royal decree, and 5 years for the other members, also extendable by Royal decree. Members of the board cannot be removed except by Royal decree.
The SAMA senior management comprises the governor, the vice-governor and five deputy governors.

Board of Directors

Senior Management

NamePositionDate of appointment
Dr. Ahmed Abdulkarim AlkholifeyGovernor8 May 2016
Abdulaziz Salih AlfuraihVice Governor22 July 2014
Hashem Othman Al HekailDeputy Governor for Banking Operations2 May 2013
Tareq Abdulrahman AlSadhanDeputy Governor for Supervision1 October 2015
Ahmed Abdulkarim Al KholifeyDeputy Governor for Research And International Affairs2 May 2013
Ayman Mohammed Al SayariDeputy Governor for Investments2 May 2013
Ali Abdulrahman Al MahmoudDeputy Governor for Administration2 May 2013

Governors

NameTenure
Ahmed Abdulkarim AlkholifeySince 2016
Fahad Al Mubarak2011–2016
Muhammad Al Jasser2009–2011
Hamad Ibn Saud Al Sayari1983–2009
Abdul Aziz Al Quraishi1974–1983
Anwar Ali1958–1974
Ralph Standish1954–1958
George A. Blowers1952–1954

Balance sheet

The SAMA balance sheet is denominated in Saudi Riyals, which is pegged at an official rate of 3.75 against the US dollar. All currency notes issued by SAMA are fully backed by equivalent gold deposits.
200720082009201020112012*
Liabilities------
Notes Issued
Government Deposits514,123933,9121,008,2511,203,4771,299,676
Commercial Banks' Deposits36,27744,69850,71554,97663,51168,011
Foreign entities' Riyal Deposits14,93912,48810,30010,3103,7743,750
Other liabilities525,424479,406452,599495,823618,069617,698
Total1,196,8161,709,9951,570,6531,705,3892,057,8642,154,065
Assets------
Currency cover 106,054121,066123,127136,029169,033164,930
Cash in vault23,84227,05323,87625,06029,18724,171
Deposits with banks abroad246,792379,487335,673343,887414,007495,246
Investments in foreign securities790,5591,154,2471,071,5421,181,9161,427,8201,446,610
Other assets29,56928,14216,43518,49717,81723,108
Total1,196,8161,709,9951,570,6531,705,3892,057,8642,154,065

2012 figures are at end of 1st quarter.

SAMA Foreign Holdings

In addition to acting as the central bank of Saudi Arabia, the Saudi Arabian Monetary Authority controls SAMA Foreign Holdings, the sovereign wealth fund of Saudi Arabia. The fund is the third largest sovereign wealth fund in the world, with assets of over $700 billion.
In October 2015, Governor Fahad Abdullah Al-Mubarak of the Saudi Arabian Monetary Authority was ranked #2 on the Public Investor 100.