News 24 | He has no government funding or loan … “Umm al-Qura” publishes Saudi Central Bank system

Today (Friday), the official newspaper “Umm Al-Qura” published the system of the Saudi Central Bank, which has been approved by the Council of Ministers.

According to the second article of the system, the bank enjoys legal personality, financial and administrative independence, and is linked in its organization to the king, while the third article defines the objectives of the bank to maintain monetary stability, support stability of the financial sector, build self-confidence and support economic growth.

Section 6 prohibits the bank from engaging in trade or participating in commercial activities, or having an interest in any commercial or agricultural project except for that which is necessary to achieve its objectives, and prohibits it from ” buy or own real estate except for what it needs to do business or for the purpose of diversifying its foreign investments.

It is also prohibited from financing and lending to the government, and from financing or lending to any person of a natural or ordinary nature, except financial institutions for the purpose of managing liquidity or dealing with crises by decision. of the governor according to the controls set by the board of directors of the bank.