Central Bank Act allows SAMA more independence, flexibility

The draft Saudi Central Bank Act allows the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, more independence and flexibility in managing foreign investments, Al Eqtisadiah reported, citing head of the Shura Council Finance Committee, Saleh Al-Khelawi.

The new act comprises rebranding SAMA as the Saudi Central Bank, in line with central banks in other countries, and enhancing SAMA’s monitoring as well as supervision capacities.

Saudi Arabia's Shura Council endorsed the draft Saudi Central Bank Act during a regular session held on Nov. 16, ahead of start of the first year of its eighth session, Argaam earlier reported.