사우디아라비아 통화청(SAMA)에 관한 고찰

A Study on Saudi Arabia Monetary Agency - Focusing on Its Charter & Outline history

The purpose of this paper is to consider SAMA(Saudi Arabia Monetary Agency; Saudi central bank) focusing on its charter and outline history. SAMA was founded in 1952 by Royal decree with the exception of certain actions. SAMA has played an important role in the development of Saudi Arabia and has been an effective institution in stabilizing its financial and monetary system. According SAMA's charter, almost of articles in it are similar in its contents compared to central banks of other countries, but Article 6 specifically prohibits interest to comply with the Shariah. During the period of establishment, SAMA took necessary steps to root Saudi Riyal currency in Saudi instead of British gold sovereign and published pilgrim receipt to facilitate performance of pilgrimage by pilgrims. During transition period, SAMA focused on the settlement of the unified currency policy and implemented the policy of demand and supply with foreign currency. During stabilization of currency, SAMA adopted two rates, the official rate and free rate. During period of reconstruction, Saudi Riyal emerged as a strong convertible currency. SaudiArabia topped the important position in the world with the oil shock in 1973 , therefore its quota in IMF and the World Bank was increased. During expansion and development, SAMA opened its branches in the different cities because of Saudization of branches of foreign banks, the expansion of the network of these banks and steep rise in the foreign reserves of the currency.