Saudi Arabian Monetary Agency
|Saudi Arabian Monetary Agency
مؤسسة النقد العربي السعودي
|Headquarters||Riyadh, Saudi Arabia|
|Established||October 4, 1952|
|Governor||Fahad Al Mubarak|
|Central bank of||Saudi Arabia|
|ISO 4217 Code||SAR|
The Saudi Arabian Monetary Agency (SAMA), established in 1952, is the central bank of the Kingdom of Saudi Arabia.
Prior to the establishment of the Saudi Monetary Agency, the Saudi Hollandi Bank, a branch of the Netherlands Trading Society acted as a de facto central bank, keeping the Kingdom's gold reserves and receiving oil revenues on behalf of the Saudi Arabian government. In 1928 it assisted in the establishment of the Saudi Riyal, a new 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 and became a model for other foreign banks in the kingdom.
Abdallah Sulaiman was a Najdi of humble background who worked his way up from clerk to the first Saudi minister of finance and close confidant of King Abdulaziz. Sulaiman surprisingly involved in probably the most significant attempt at administrative rationalization in the 1950s: the creation of the Saudi Arabian Monetary Agency (SAMA).
In the early 1950s monetary chaos reigned in Saudi Arabia. Interested in at least minimal economic stability, the U.S. embassy and Aramco successfully lobbied the king to accept U.S. consultants into the kingdom. U.S. adviser Arthur Young managed to convince Sulaiman and the king of the need for basic monetary and banking regulation. Young was mandated by the king to draw up a charter for what was to become SAMA within a few hours. SAMA derived its income by charging the government for its services. Its first head was also an American, and accountants were hired from Lebanon. King Abdulaziz and Sulaiman had been convinced of the existential need for institution building in this strategic sector. SAMA’s charter and use of expatriate technocrats bolstered the relative independence of the body. After the Ministry of Finance temporarily sidelined SAMA, in 1957 the governorship was taken over by another expatriate, Anwar–Ali, who had come to the country with an International Monetary Fund mission and who held the post as a confidant of King Faisal until his death, in 1974. Different from other “fiefdom ministries,” SAMA’s well-paid leadership used relative autonomy and Abdulaziz’s and Faisal’s clear reform mandates to become one of the best central banks in the Middle East.
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 the International 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.
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 SPAN, 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 
|His Excellency The Governor, Dr. Fahad Almubarak||Chairman|
|His Excellency The Vice Governor, Dr. Abdulrahman Abdullah Al-Hamidy||Vice Chairman|
|His Excellency Mr Abdulaziz Bin Zaid Al-Quraishi|
|His Excellency Mr Mr. Muhammad Obaid Bin Sa’eed Bin Zagar|
|His Excellency Abdulaziz Bin Muhammad Al-Athel|
Senior Management 
|Name||Position||Date of appointment|
|His Excellency Dr. Fahad AlMubarak||Governor||13 December 2011|
|His Excellency Dr. Abdulrahman A. AL-Hamidy||Vice Governor||30 August 2009|
|Hashem Othman Al-Hekail||Deputy Governor for Banking Operations||02 May 2013|
|Abdul Aziz Abdulrahman Al-Helaisy||Deputy Governor for Supervision||02 May 2013|
|Dr. Ahmed Abdulkarim AlKholifey||Deputy Governor for Research And International Affairs||02 May 2013|
|Ayman Mohammed AlSayari||Deputy Governor for Investments||02 May 2013|
|Ali Abdulrahman AlMahmoud||Deputy Governor for Administration||02 May 2013|
Former Governors 
|Dr. Muhammad Al-Jasser||2009 - 2011|
|Hamad Ibn Saud Al-Sayari||1983 - 2009|
|Abdul Aziz Al-Quraishi||1974 - 1983|
|Anwer Alir||1958 - 1974|
|Ralph Standish||1954 - 1958|
|George A. Bowlers||1952 - 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.
(Millions of Saudi Riyals)
|Commercial Banks' Deposits||36,277||44,698||50,715||54,976||63,511||68,011|
|Foreign entities' Riyal Deposits||14,939||12,488||10,300||10,310||3,774||3,750|
|Currency cover (gold)||106,054||121,066||123,127||136,029||169,033||164,930|
|Cash in vault||23,842||27,053||23,876||25,060||29,187||24,171|
|Deposits with banks abroad||246,792||379,487||335,673||343,887||414,007||495,246|
|Investments in foreign securities||790,559||1,154,247||1,071,542||1,181,916||1,427,820||1,446,610|
2012 figures are at end of 1st quarter.
See also 
- (Arabic) (English) Official site: Saudi Arabian Monetary Agency