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The Saudi Central Bank system, which was approved by the Council of Ministers at its session yesterday (Tuesday), claimed it would retain the abbreviation “SAMA” due to its historical significance and position. at local and international levels.
The system added that banknotes and coins of all denominations bear the name of the Saudi Monetary Agency; You will continue to retain statutory circulation and executive power.
He stressed that the objectives of the Central Bank boil down to maintaining monetary stability, supporting the stability of the financial sector and strengthening the apartment within it, in addition to supporting economic growth.
It should be noted that the Saudi Central Bank system is responsible for establishing and managing monetary policy and choosing its tools and procedures, in addition to clarifying the bank’s relationship with government and agencies. competent international external parties, and establish the system as a framework to govern the activities and decisions of the bank.
The Council of Ministers, during its session yesterday (Tuesday) headed by the depositary of the two holy mosques, King Salman bin Abdulaziz, had agreed to change the name of the Saudi Monetary Agency to the Central Bank of Saudi Arabia.
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