Saudi Cabinet approves amending SAMA law on appointing 2 vice-governors

Logo of the Saudi Central Bank (SAMA)

Saudi Arabia’s Cabinet gave the green light for amending the Saudi Central Bank’s (SAMA) law to appoint two vice-governors, the official gazette Umm Al-Qura reported.

Accordingly, the central bank will have two full-time vice-governors to help the governor perform his duties and responsibilities.

The Cabinet will identify the duties and responsibilities of each vice-governor based on a recommendation from the governor.

However, any of the vice-governors will neither participate in the deliberations of the resolution nor vote on it.

The two vice-governors are appointed at the excellent rank, based on a recommendation from the governor. In addition, their merits are determined by a Royal Decree.

The governor assigns one of the two vice-governors to replace him in his absence.

On Jan. 24, 2021, King Salman issued a Royal Decree on appointing Fahad Al-Mubarak as SAMA’s new governor with the rank of Minister, according to data available with Argaam.

In 2019, King Salman appointed Ayman Al-Sayari as SAMA’s vice-governor.