Logo of the Saudi Central Bank (SAMA)
Saudi Arabia’s Cabinet gave the green light for amending the Saudi Central Bank’s (SAMA) law to appoint two vice-governors, the official gazette Umm Al-Qura reported.
Accordingly, the central bank will have two full-time vice-governors to help the governor perform his duties and responsibilities.
The Cabinet will identify the duties and responsibilities of each vice-governor based on a recommendation from the governor.
However, any of the vice-governors will neither participate in the deliberations of the resolution nor vote on it.
The two vice-governors are appointed at the excellent rank, based on a recommendation from the governor. In addition, their merits are determined by a Royal Decree.
The governor assigns one of the two vice-governors to replace him in his absence.
On Jan. 24, 2021, King Salman issued a Royal Decree on appointing Fahad Al-Mubarak as SAMA’s new governor with the rank of Minister, according to data available with Argaam.
In 2019, King Salman appointed Ayman Al-Sayari as SAMA’s vice-governor.
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