What Does SAMA in Saudi Arabia Stand For?SAMA stands for the Saudi Central Bank. Before 2020, it was called the Saudi Arabian Monetary Authority. Even though the official name has changed, many people still use the old abbreviation: SAMA. However, SAMA is the main financial authority in Saudi Arabia. It is responsible for running the financial system in the country. So, it means it handles everything related to money, like banks, currency, inflation, and more. SAMA is like the “guardian of money” in Saudi Arabia. It helps protect the value of the Saudi Riyal and supports financial stability for businesses and people. When Was SAMA Established?SAMA was created in 1952. Back then, Saudi Arabia didn’t have a formal central bank. So, the government decided to build one that could take care of the country’s financial system. This decision helped Saudi Arabia modernize and organize its financial structure. Since then, SAMA has played a big role in keeping the country’s economy healthy and growing. Moreover, even during tough times like global economic slowdowns or the COVID-19 pandemic, it helped Saudi Arabia like a savior.
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