Effective from Jan 08 1960 - Dec 30 1959 To view other versions open the versions tab on the right
a.
The Saudi Arabian Monetary Agency shall keep a full cover in gold and foreign currencies convertible into gold equal to the value of the currency it issues.
b.
The Saudi Arabian Monetary Agency shall, under no circumstances, issue currency without full cover to be kept in safe custody in the Kingdom; however, cover other than gold may be kept in deposit with first class banks abroad.
c.
The cover shall be valued in accordance with the rate fixed in Article 2 of these Regulations.
d.
On revaluation of the reserves any resultant increase shall be credited to the government and may be used for strengthening the currency and stabilizing its rate.
