Saudi Central Bank


– Advertisement –

About Saudi Central Bank

The first Saudi currency law was issued in 1346H (1928) with the name of (Hejazi– Najdi Currency Law) under which the Arabian Riyal was minted with the size, weight and finess of the Ottoman Majidi silver Riyal, which was widely circulated at the time, to replace the latter as from the first of Shaaban 1346H. In 1354H (1935), the government decided to mint a new silver Riyal in the name of the Kingdom of Saudi Arabia, with the size, weight and finess of the Indian silver rupee.

Saudi Arabian Monetary Authority (SAMA) was established in the Era of King Abdulaziz, may Allah bless his soul, under two royal decrees issued on 25/7/1371H (20/4/1952). The first was No. 30/4/1/1046 provided for establishing the Saudi Arabian Monetary Authority, its venue in Jeddah, and opening branches in cities and places as deemed necessary. The second Decree No. 30/4/1/1047 provided  for the approval of the Charter of the Saudi Arabian Monetary Authority, attached to the decree, and ordering its implementation. On 23/10/1371H (15/07/1952), Mr. Rasim Al-Khalidi was appointed as Vice Governor… Continue reading about Saudi Central Bank here.



You May Also Like

Bank of Sierra Leone
9 Money Saving Tips Everyone Should Know
– Advertisement –