Issuance of Saudi Central Bank Law

No: 42023191

Date(g): 25/11/2020 | Date(h): 10/4/1442

Effective from 2020-11-25 - Nov 24 2020
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Reference is made to the approval issued by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud - may God protect him - on "The Saudi Central Bank System The phrase which replaces The system of the Saudi Arabian Monetary Authority issued by Royal Decree No. (23) dated 23/5/1377H.

I inform you that the new system does not affect the functions and powers of the Saudi Central Bank (formerly the Saudi Arabian Monetary Agency) and its supervisory and regulatory role stipulated in the relevant current regulations such as... Bank Monitoring System and, Finance Companies Monitoring System", and The Cooperative Insurance Companies Control System",and other related systems. Therefore, all regulations, rules, and instructions issued by the central bank shall apply."

I also inform you that the royal decree stipulated that:

1.	The Saudi Central Bank shall replace the Saudi Arabian Monetary Authority in its rights and obligations, and wherever the name appears in related laws, regulations, orders, and decisions.
2.	The Saudi Central Bank is abbreviated as SAMA.
3.	The current Board of Directors of the Central Bank shall continue to exercise all its powers until a new Board of Directors for the bank is formed in accordance with... To Article (8) of its regulation.
4.	Taking into account what is stated in paragraph (1) of Article (4) of the Bank's systemThe currency issued by the central bank has the feature of circulation and the legal tender power against others, in accordance with the provisions of... The Saudi Arabian Monetary System.

Accordingly, all financial institutions are required to adopt the aforementioned new designation within (90) days from the date hereof in all their internal and external communications. It should also be noted that you must update all your documents to reflect the Central Bank's new initiative.

Certainly! Here's the translation of the provided text to English: "I hope you respond to this notice in writing to confirm (1) acknowledgment of the contents of this notice, and (2) agreement to comply from this date."