SAMA rebranded Saudi Central Bank

The new Saudi law has adopted a new name for the insurance supervisory authority to be called the Saudi Central Bank instead of the Saudi Arabian Monetary Authority (SAMA).

The regulations stipulate that the Saudi Central Bank shall replace the Saudi Arabian Monetary Authority in all its rights and obligations. However, the Bank will retain its financial and administrative independence.

The transaction aims to maintain monetary stability, strengthen confidence in the financial sector, and support economic growth.

The Saudi Central Bank will continue to use the acronym "SAMA" due to its historical importance and relevance locally as well as globally.

Read also | Saudi insurance market

The new Saudi law has adopted a new name for the insurance supervisory authority to be called the Saudi Central Bank instead of the Saudi Arabian Monetary Authority (SAMA).

The regulations stipulate that the Saudi Central Bank shall replace the Saudi Arabian Monetary Authority in all its rights and obligations. However, the Bank will retain its financial and administrative independence.

The transaction aims to maintain monetary stability, strengthen confidence in the financial sector, and support economic growth.

The Saudi Central Bank will continue to use the acronym "SAMA" due to its historical importance and relevance locally as well as globally.

Read also | Saudi insurance market