Who led SAMA since establishment?

The Saudi Central Bank’s (SAMA) headquarters

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King Salman bin Abdulaziz Al Saud issued on Feb. 2 a royal decree appointing Ayman Alsayari as Governor of the Saudi Central Bank (SAMA), after relieving Fahad Almubarak of the position.

 

The Saudi Central Bank (SAMA), formerly the Saudi Arabian Monetary Authority, was incorporated in April 1952 under King Abdulaziz, and started operations in October of the same year.

 

In November 2020, the Saudi Cabinet chaired by King Salman ratified the Saudi Central Bank Law and changed the name to Saudi Central Bank from Saudi Arabian Monetary Authority.

 

According to the law, SAMA aims to maintain monetary stability, support the financial sector and boost economic growth.

 

SAMA’s board is composed of the governor, vice governor and five non-government employees as members.

 

Nine governors led SAMA since its establishment, as follows:

 

George A. Blowers (1952-1954)

 

 

The first Governor of SAMA with US nationality. He was appointed by royal decree issued on Aug. 5, 1952.

 

Oct. 16, 1952: A royal decree was issued, ordaining the adoption of the Saudi gold sovereign as the official currency of the Kingdom.

 

Oct. 22, 1952: The first Saudi gold coin with the name of King Abdul Aziz was issued.

 

March 26, 1953: SAMA opened a branch in Makkah.

 

Aug. 19, 1953: SAMA opened another branch in Madinah.

 

July 25, 1953: SAMA issued the first edition of pilgrim receipts of 10-riyal denomination.

 

May 18, 1954: SAMA issued the second edition of pilgrim receipts of 10-riyal denomination.

 

June 16, 1954: SAMA issued the first edition of pilgrim receipts of five-riyal denomination.

 

Ralph Standish (1954-1958)

 

 

The second Governor of SAMA with US nationality.

 

Nov. 7, 1954: SAMA opened a branch in Dammam.

 

Jan. 31, 1955: SAMA opened a branch in Taif.

 

Feb. 8, 1955: SAMA opened a branch in Riyadh.

 

July 16, 1957: The second currency law and the currency control law were issued.

 

1957: SAMA first issued coins of one, two and four qirsh.

 

Dec. 15, 1957: The third currency law was issued.

 

1958: The Saudi gold sovereign in the name of King Saud was issued.

 

Anwar Ali (1974-1958)

 

 

A Pakistani economist who had served as the director of the Middle East Department at the International Monetary Fund (IMF).

 

Dec. 31, 1959: The Fourth Currency Law, in force currently, was issued authorizing the issue of the official paper currency, with a legal tender status and full power to discharge all public and private debts and obligations. Under the law, the right to print and mint the Saudi currency is the sole privilege of SAMA. The law also provides for keeping a full cover of gold and convertible foreign currencies against the currency issued.

 

The decimal system was introduced, under which the riyal was divided into 20 qirshes instead of 22 qirshes.

 

The new law demonetized the Saudi gold sovereign, the pilgrims receipts and silver riyals.

 

June 14, 1961: The official Saudi banknotes of one, five, 10, 50 and 100 riyals denominations were put into circulation.

 

April 27, 1963: A royal decree appointed Juneid Abdul Qadir Bajuneid as Vice Governor.

 

June 11, 1966: The Banking Control Law issued.

 

Feb. 23, 1972: The Council of Ministers issued a resolution to approve the minting of coins.

 

Abdulaziz Al-Quraishi (1974-1983)

 

 

The first Saudi appointed as SAMA Governor.

 

Dec. 12, 1981: The Minister of Finance issued a decision to regulate banking business under the supervision of SAMA. Only entities licensed by SAMA or holding commercial registers can practice this business.

 

Hamad Al-Sayari (1983-2009):

 

 

He earned MA in Economics from the University of Maryland, US. He taught economics at the Institute of Public Administration, Riyadh, and later was Secretary General of the Public Investment Fund (PIF) and the Director General of the Saudi Industrial Development Fund (SIDF).

 

Between 1983 and 1985, Al-Sayari was Acting Governor of SAMA, after Al-Quraishi asked to be relieved of the post.

 

He continues to be a SAMA board member.

 

1984: The Council of Ministers issued a resolution on not issuing commercial registers for banking business.

 

1984: A ministerial committee was set up from the Ministry of Finance, the Ministry of Commerce and Industry and SAMA, for regulating and developing the stock market. SAMA was assigned the tasks to operate and regulate the market’s daily business.

 

In the same year, the banks operating in the Kingdom, on SAMA's initiative, established a Saudi company for registering Saudi shares and related transactions.

 

March 1, 1987: A royal order was issued forming a committee of three competent members from SAMA to look into issues related to banks and their customers under the name "the Committee for Settlement of Banking Disputes".

 

April 1, 1990: SAMA established the Saudi Payment Network (SPAN), with the aim to encourage the use of e-transactions provided by the banking system.

 

May 14, 1997: The Saudi Arabian Riyal Interbank Express Electronic System (SARIE) was launched.

 

Oct. 30, 1999: The Minister of Finance issued a resolution entrusting SAMA with licensing, controlling and supervising financial leasing companies.

 

July 31, 2003: A royal decree entrusts SAMA with the supervision of the insurance sector.

 

July 1, 2004: Stock market’s supervision shifted to the Capital Market Authority (CMA).

 

Oct. 3, 2004: SADAD Payments System (SADAD) was launched.

 

Muhammed Al-Jasser (2009-2011)

 

 

Al-Jasser was Alternative Executive Director at the IMF in 1989-1990. He was Chairman of the Gulf Monetary Council in 2010 and Minister of Economy and Planning in Saudi Arabia from Dec. 13, 2011 to April 29, 2015.

 

He held senior positions in several companies, such as Arab Investment Co., Saudi Arabian Mining Co. (Maaden), and stc (formerly Saudi Telecom Co.). 

 

Fahad Abdullah Almubarak (2011 – 2016) and (2021 – February 2023)

 

 

Almubarak was SAMA Governor from 2011 to 2016 and from 2021 to February 2023. He served as State Minister and Member of the Council of Ministers and Secretary General of the Saudi Secretariat of the G20.

 

He held several different positions such as Chairman of the Saudi Stock Exchange (Tadawul) and Managing Director of Morgan Stanley Saudi Arabia since 2001 to 2011. Almubarak also served as General Manager of Rana Investment Co. from 1992 to 1999.

 

Further, he was a board member in major companies such as SABIC, stc, Mobily, Tasnee and Saudi Hollandi Bank.

 

Almubarak holds a Doctorate of Business Administration from the University of Houston, US, a Master's degree in industrial engineering, and a Master's degree in financial accounting and taxation, as well as a Master's degree in business administration, in addition to a Bachelor's degree in civil engineering from SMU University in Dallas, US.

 

Ahmed Abdulkarim Alkholifey (2016 - 2021)

 

 

Alkholifey assumed several positions in SAMA from 2001 to 2010, including Head of Money and Banking Sector, Director of Economic Research Department and Director General of Economic Research and Statistics. He was Deputy Governor of SAMA’s Research and International Affairs, from July 2013 to 2016.

 

He acquired a Master's degree and a Ph.D of Business Administration and Economics from the University of Colorado, US. He also earned a Master's degree in Economics from Portland State University, US, and a Bachelor's degree in law from King Saud University, Riyadh.

 

Ayman Alsayari (February 2023)

 

 

Alsayari holds a Bachelor’s degree in accounting from King Fahd University of Petroleum and Minerals and a MBA in Finance from George Washington University. He also completed the Public Administration Program from Harvard University.

 

A CFA Certified Financial Analyst, Alsayari started his career as a financial analyst at the SIDF.

 

He was certified by Chase Manhattan Bank in credit analysis.

 

Alsayari moved to work in the Saudi Central Bank (SAMA) in 1999, which seconded him in 2003 to work in the financial markets sector at the International Finance Corporation (IFC) of the World Bank Group in Washington for a period of three years.

 

He was appointed SAMA Governor's Undersecretary for Investment in 2013, and, SAMA Governor's Deputy for Investment and Research in 2019.

 

He was also member of several committees and boards of directors.