Guide to the central bank of saudi arabia

Until the 1950s, Saudi Arabia’s financial system was non-existent, with commercial transactions conducted using either foreign currencies or Saudi silver currency. The establishment of the Saudi Central Bank (SAMA) marked a significant shift, aiming to develop Saudi banking systems. The Saudi riyal was introduced for economic and commercial transactions in 1961. By the 1980s, SAMA had become a dominant force in the Kingdom’s economy.

Overview of the central bank of saudi arabia

Founded in Riyadh during King Abdulaziz’s reign in 1952, the institution was initially named the Saudi Arabian Monetary Authority (SAMA). In 2020, a royal decree renamed it the Saudi Central Bank. Today, it stands as a major economic institution in the Gulf region, offering all its services electronically in line with Saudi Vision 2030.

SAMA provides a range of important financial and banking services, including:

• Issuing and managing Saudi currency with high economic efficiency.
• Regulating all financial institutions and sectors in the Kingdom.
• Managing foreign currency reserves.
• Developing and implementing monetary policies and financial stability plans.
• Offering innovative and secure electronic payment systems.
• Strengthening relationships with regional and international financial institutions.
• Participating in international financial meetings such as the World Bank, the International Monetary Fund, and the Gulf Monetary Council.

Important Applications of the Saudi Central Bank

SAMA has launched several significant electronic platforms and applications, including:

• Financial App: An educational tool for children aged 8 to 12 to teach them about money management, income sources, spending priorities, and the importance of saving.
• Professional Education Program: Launched in 2022 to support Saudi banking services industries and prepare promising human resources to enhance the Saudi economy.
• Naqd App: Announced on July 14, 2024, this service platform facilitates easy access for government agencies to bank accounts at the central bank.

To register on the SAMA platform, follow these steps:

1. Visit the SAMA registration page.
2. Click the “Login” button and enter your name and password. If you don’t have an account, create a new one.
3. Complete the registration form with your full name, national ID number, email, and phone number.
4. Submit the form and verify your identity by entering the verification code sent to your phone.
5. You will receive a confirmation message indicating that your account has been successfully created.

How to Book an Appointment with the Saudi Central Bank

You can easily book an appointment online to avoid queues and waiting times by following these steps:

1. Go to the SAMA banking platform via this link.
2. Click the green “Book Appointment” button on the main page.
3. Enter your personal information such as ID number or residence number if applicable.
4. Select your preferred appointment time, day, and date, and specify the type of appointment.
5. Complete the process by clicking “Book.”

Applying for Jobs at the Saudi Central Bank

The Saudi Central Bank offers employment opportunities for talented individuals in various fields. To apply, follow these steps:

1. Visit the SAMA careers page via this link.
2. Search for available positions using the search box.
3. Apply for a suitable job in fields such as IT, banking, insurance, translation, accounting, business administration, etc.
4. Enter your personal details and review them carefully.
5. Attach all relevant documents, including educational certificates and skills.
6. Join the talent community and provide your email to receive notifications about job openings.

To be considered for employment, applicants must:

• Be under 27 years old and hold Saudi citizenship.
• Have a degree from a reputable, accredited university with a minimum grade of “Very Good” in either a Master’s or Bachelor’s program.
• Be a recent graduate or in the process of graduating, with a transcript if the degree certificate is not yet available.
• Be proficient in English and pass all required job interviews and professional tests.

How to File a Complaint with the Saudi Central Bank

To file a complaint, follow these simple steps:

1. Access the SAMA banking platform through this link.
2. Click on “Regulation” from the main menu, then choose “Customer Protection” and select “File a Complaint.”
3. Enter your ID or residence number and log in to the complaints section.
4. Click “Add New Request,” then select the relevant sector (e.g., finance, insurance, banking).
5. Choose the type of complaint from the dropdown menu (e.g., fraud, forgery, payment issues, credit cards, real estate financing, bank transfers, commercial accounts).
6. Specify the complaint, classify it, and provide details such as reference number, financial entity, and subject.
7. Attach any official documents supporting your claim and click “Send.”
8. You will receive a confirmation message indicating that SAMA has received and is investigating your complaint.

• What is the complaint number for the Saudi Central Bank?
• The complaint number is 6666-125-800, available for free calls from 8:00 AM to 4:00 PM.
• Where is the Saudi Central Bank located?
• Visit the Saudi Central Bank headquarters on King Saud bin Abdulaziz Street, Riyadh.
• Who is the Chairman of the Saudi Central Bank?
• Mr. Ayman Al-Sayari was appointed in 2023 by royal decree. He was previously the Deputy Governor.
• What is the difference between the Saudi Central Bank and the Monetary Authority?
• They are the same entity, with the name changed from the Saudi Arabian Monetary Authority to the Saudi Central Bank in 2020 by royal decree, while keeping the SAMA acronym for its historical significance.
• How to contact the central bank of saudi arabia?
• Contact options include:
  • Phone: 00966114633000
  • Email: info@sama.gov.sa
  • Fax: 00966114662966
  • Website: [Link to the website]

This guide provides essential information about the history, services, and key functionalities of the central bank of saudi arabia along with guidance on how to carry out various transactions on the platform.