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The Law of Payments and Payment Services in the Kingdom of Saudi Arabia is a set of rules, tools, and procedures that regulate the operations of the payment sector and its services in the Kingdom. It aims to protect the rights of the parties interacting with the law and to stimulate innovation and competition in the payment sector and its services. The history of the Law of Payments and Payment Services in Saudi Arabia The Law of Payments and Payment Services was issued in 2021 during the reign...
Under the 'Capital Market Law' issued in 2003, the Capital Market Authority was established to oversee the regulation and development of the Saudi capital market and issue the regulations, rules, and instructions necessary to implement the provisions of the Capital Market Law. The Capital Market Authority is a governmental authority with financial and administrative independence and reports directly to the Prime Minister. It has many powers, including regulating and developing the cap...
Yes, there are digital banks in the Kingdom of Saudi Arabia . In June 2021, the Saudi Council of Ministers issued a resolution to approve the licensing of two local digital banks by converting the Saudi Digital Payments Company (stc Pay) into a local digital bank to conduct banking activities in the Kingdom, with a capital of SAR 2.5 billion (stc Bank). Additionally, an alliance of several companies and investors led by Abdulrahman Bin Saad al-Rashed and Sons Company established a local dig...
1959 The first banknote issuance of Saudi currency during the reign of King Saud Bin Abdulaziz Al Saud, with five denominations: SAR100, SAR50, SAR10, SAR5, and SAR1. 1968 The second issuance of Saudi currency during the reign of King Faisal Bin Abdulaziz Al Saud, with five denominations: SAR100, SAR50, SAR10, SAR5, and SAR1. 1976 The third issuance of Saudi currency during the reign of King Khalid Bin Abdulaziz Al Saud, with five denominations: SAR100, SAR50, SAR10, SAR5, and SAR1. 1984 The fo...
Tawilah al-Ahsa currency, or ' al-Tawilah ' (Arabic for long), is a local coin minted from copper. It is considered one of the oldest currencies that were circulated. It was used locally during the era of the Second Saudi State . One of these coins, dating back to 1356, was found in al-Hufuf Governorate. The shape of Tawilah al-Ahsa currency differs from other currencies, as it resembles a hair clip or tweezers. It has three denominations; gold, silver, and bronze. Before institutiona...
The Kingdom of Saudi Arabia's 2023 budget is a statement issued by the Ministry of Finance in the Kingdom, detailing the state's revenues, expenditures, and the financial surplus or deficit for that year. It was announced on December 7, 2022, with revenues amounting to SAR1,130 billion, expenditures at SAR1,114 billion, and a surplus of SAR16 billion. Priorities in Saudi Arabia's 2023 Budget The 2023 budget prioritizes capital expenditure on projects aligned with regional and sec...
Since 1952 , the Saudi currency has been printed, minted, and issued at the Saudi Central Bank 'SAMA' (formerly the Saudi Arabian Monetary Agency). As per Saudi laws, this privilege is exclusive to the bank, and no one else may exercise this right. The Council of Ministers determines the denominations of coins and banknotes, their shapes, designs, engravings, dimensions, contents, and all matters related to their descriptions and expenses, as well as storage locations, molds, and sc...
1902 Before the Founding King Abdulaziz Bin Abdulrahman Al Saud regained Riyadh City , the barter system was prevalent for conducting trade exchanges. 1902-1922 In the early days of the unification of the Kingdom of Saudi Arabia, commercial transactions were conducted using foreign currencies made of gold, silver, bronze, and copper. 1922 The word 'Najd' was added to the commonly used currency at the time, making it the officially recognized currency of the Sultanate of Najd. 1925 The...
The first paper currency in the Kingdom of Saudi Arabia was issued during the reign of the Founding King Abdulaziz Bin Abdulrahman Al Saud . It had a value of SAR0.5 and featured the inscription: 'The Kingdom of Saudi Arabia, Ministry of Finance , I hereby promise to pay upon request to the bearer of this note SAR0.5.' The note bore a serial number, along with the name and the stamp of the Deputy Minister of Finance. The first official issuance of paper currencies was under the Curren...
The Kingdom of Saudi Arabia's external debt, or foreign debt, is one of the means of providing liquidity and constitutes part of the country's total public debt, alongside domestic public debt. It is the total of the bonds owned by parties outside the country, such as foreign governments, individuals outside the nation's borders, and international organizations. Through cash surpluses and reducing the budget deficit, the Kingdom managed to decrease the debt size from 2005 to 2014...
The Interest Rate in the Kingdom of Saudi Arabia is a monetary tool employed by the Saudi Central Bank (SAMA), similar to other central banks globally. Its purpose is to regulate the flow of liquidity within the macroeconomy, whether during periods of recession, slowdown, growth, or recovery. The entity responsible for the interest rate in Saudi Arabia SAMA uses the interest rate to determine the cost of borrowing between banks for overnight or longer periods. It also sets the cost for banks an...
Digital Banks in the Kingdom of Saudi Arabia are digital wallets offering all banking services using advanced digital technologies. They were licensed to operate in the Kingdom under a decision from the Council of Ministers on June 22, 2021. Three local digital banks are licensed in the Kingdom. List of digital banks in Saudi Arabia Digital banks based in the Kingdom include: Saudi Digital Payment Company (stc pay) , which was transformed into a local digital bank with a capital estimated at SA...
