Saudi Central Bank

About Saudi Central Bank

Originally the Saudi Arabian Monetary Agency, founded in 1952. The agency was established to stabilize the Saudi riyal and manage government finances during the oil boom. SAMA was renowned for conservative management and massive foreign reserves. It pegged the riyal to the US dollar and maintained the peg through multiple oil price collapses. SAMA was renamed the Saudi Central Bank in 2021. The bank manages the Saudi sovereign wealth fund PIF, which has grown to over 900 billion. The Saudi Central Bank has been critical to Vision 2030, financing mega projects and diversifying the economy. Its conservative approach contrasts with the aggressive spending of the PIF.