“In Contemporary Language, the Saudi Monetary Authority has Rebranded”

A bill to amend the name of the Saudi Arabian Monetary Authority to the Saudi Central Bank was approved recently by King Salman. It was more than a nomenclature change, as the new legislation extended the central bank’s mandate and altered its structure and reporting lines. The Saudi financial regulator’s rebranding has been undertaken in accordance with best foreign practices.

Looking at it, In realizing the government’s objective of making the Kingdom an economic center that is not dependent on oil sales, its transformation would play a key role. To ensure a foolproof monetary structure that would be able to deal with the constantly changing dynamics of the current business world, the new legislation insists on ensuring the highest degree of openness.