In the Name of God, the Most Gracious, the Most Merciful
Number: 17‑9‑8761
Dated: 17/9/1374 A.H.
By the grace of God,
We, Saud bin Abdulaziz,
King of the Kingdom of Saudi Arabia,
After reviewing Royal Decree No. 30/4/10/1046, dated 25 Rajab 1371 A.H., establishing the Saudi Arabian Monetary Agency,
and Royal Decree No. 30/4/1/1047, issued on the same date, approving the Agency’s Basic Charter,
and based on the submission of the Minister of Finance and the approval of the Council of Ministers,
We hereby order the following:
Article One
A new clause shall be added to Article Four of Royal Decree No. 30/4/1047, following paragraph (e), as follows:
“Issuance of banknotes, subject to the approval of the Council of Ministers and the issuance of a Royal Decree authorizing such issuance in accordance with the issuance regulations to be enacted for this purpose.”
Article Two
Three new paragraphs shall be added to Article Eight of the aforementioned decree:
A.
The Chairman of the Board shall represent the Agency in its dealings with third parties and before the courts. He may delegate this authority to an attorney or agent.
He shall convene and preside over Board meetings, supervise the implementation of its decisions, and, in his absence or inability to attend, the Vice‑Chairman shall act in his place; if the Vice‑Chairman is absent, the Governor shall assume this role.
B.
Within the limits of the Agency’s Basic Charter and Board decisions, the Chairman shall have the authority to take all necessary measures to fulfill the Agency’s functions and objectives.
He shall have full authority to utilize the Agency’s funds to cover administrative expenses and any costs required to achieve its purposes.
He may delegate all or part of these powers to the Vice‑Chairman and may revoke such delegation.
C.
Without prejudice to the above provisions, the Governor shall manage and supervise the Agency’s internal operations, direct employees, and oversee their work.
In the event of the Governor’s absence or incapacity for any reason, the Chairman may issue a decision granting the Deputy Governor all powers, duties, and responsibilities of the Governor.
Article Three
Article Ten of the aforementioned decree shall be replaced with the following text:
A. The Board of Directors shall consist of:
- Chairman (Minister of Finance)
- Vice‑Chairman
- Governor
- Undersecretary of the Ministry of Commerce
- President of the Jeddah Chamber of Commerce
- One senior Saudi merchant, nominated by the Minister of Finance for a renewable one‑year term
B.
The Board shall convene upon invitation by the Chairman, accompanied by the meeting agenda.
Meetings shall be valid only if attended by at least two‑thirds of the members.
C.
Board decisions shall be adopted by majority vote of attending members.
In case of a tie, the Chairman’s side shall prevail.
Article Four
Article Eleven of the aforementioned decree shall be amended as follows:
A.
The Minister of Finance shall nominate the Vice‑Chairman and the Governor. Their appointment and dismissal shall be made by decision of the Council of Ministers.
B.
Employees’ appointment, promotion, and salaries shall be governed by the General Civil Service Law, the General Pay Scale, and all applicable regulations issued in this regard.
C.
Employees in grades four and above shall be appointed and dismissed by decision of the Council of Ministers upon nomination by the Minister of Finance.
Employees in grades five through seven shall be appointed and dismissed by decision of the Minister of Finance.
All other employees and service staff shall be appointed and dismissed by decision of the Governor.
D.
Foreign employees may be hired in accordance with the Royal Decree governing foreign contracts.
Article Five
Paragraph (C) of Article Seven of the aforementioned decree, as well as Articles (1), (2), and (3), and paragraphs (H), (D), (E), (W), and (Z) of Article Six of the Agency’s Internal Regulations, and any provision inconsistent with this decree, are hereby repealed.
Article Six
As amended by the provisions attached to this decree, the Basic Charter now consists of thirteen articles of fundamental regulations and seven articles of internal regulations.
Article Seven
The Prime Minister and the Minister of Finance and National Economy shall implement this decree and communicate it to all concerned authorities.
Peace.