The Bank shall carry out its duties in accordance with the provisions of this Law, the regulations and policies issued by the Board, and best international standards and practices. To achieve its objectives, the Bank shall have all the necessary powers and carry out the following duties, powers, and competences:
|
| 1. | Issuing and regulating currency, including minting, printing, issuing, circulating, withdrawing, canceling, managing, and protecting the national currency, and other related activities, without prejudice to the provisions of the Saudi Arabian Monetary Law. |
| 2. | Overseeing and supervising financial institutions in accordance with relevant laws. |
| 3. | Issuing regulations and directives related to financial institutions and their operations. |
| 4. | Formulating and conducting a monetary policy, and regulating the foreign currency exchange market. |
| 5. | Managing and investing foreign currency reserves. |
| 6. | Acting as the government’s bank and adviser on monetary, banking, and financial affairs. |
| 7. | Establishing, developing, and operating infrastructures of national payment, settlement, and clearing systems; issuing rules, directives, and licenses; and overseeing and supervising payment, settlement, and clearing systems within its jurisdiction. |
| 8. | Establishing, developing, and operating financial technology platforms; issuing relevant rules, instructions and licenses; and overseeing and supervising such platforms. |
| 9. | Issuing directives and developing procedures to protect consumers of financial institutions. |
| 10. | Formulating and managing prudential policies and taking necessary actions and measures for financial institutions, as well as taking necessary measures and procedures to contribute in addressing economic and financial upheavals and crises, whether locally, regionally, or globally. |
| 11. | Taking appropriate procedures and measures to prevent the commission of crimes associated with financial institutions. |
| 12. | Representing and participating in regional and international organizations, authorities, forums, and conferences in which the Bank engages as a member, in accordance with legal procedures. |
| 13. | Cooperating and exchanging expertise with other central banks and counterparts, regional and international organizations, and specialized consulting firms inside the Kingdom and abroad, within its jurisdiction. |
| 14. | Developing and setting professional tests and requirements related to financial institutions and their operations. |
| 15. | Conducting research and studies and publishing statistics related to its jurisdiction. |
| 16. | Establishing subsidiary companies, contributing to the incorporation of companies, and partnering with companies that carry out activities related to the nature of its business, in accordance with legal procedures. |
| 17. | Proposing draft laws related to financial institutions and the financial sector, proposing amendments to existing laws, and submitting the same for completion of legal procedures; drafting and proposing draft laws or amendments to existing laws that may impact monetary conditions or the stability of the financial sector shall be made in coordination with the Bank. |
| 18. | Defining the terms and interpreting the provisions of this Law. |
