Abstract
The banking system in Saudi Arabia is governed by the Saudi Arabian Monetary Agency (SAMA). It is headed by a board of directors, consisting of the Governor (Hamad Saud Al-Sayari), the Vice-Governor (Dr Ahtned Almalek), and three directors, who are non-governmental employees. SAMA is an independent autonomous governmental agency. It is directly subject to the instructions of the Council of Ministers of whom the Minister of Finance and National Economy is in charge for all SAMA matters. The functions of the Saudi central bank are Iaid down and governed by the Law of SAMA.1 Art. 1 of this Law divides the scope of activities of SAMA into the following three categories.
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