In the name of God, the Most Gracious, the Most Merciful
17 – 9 – 8761
With the help of God Almighty,
We, Saud bin Abdulaziz, King of the Kingdom of Saudi Arabia,
After reviewing Royal Decree No. 30 / 4 / 10 / 1046 dated 25 Rajab 1371 AH establishing the Saudi Arabian Monetary Agency,
and Royal Decree No. 30 / 4 / 1 / 1047 issued on the same date approving the Basic Charter of the Agency,
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 after paragraph (E), reading as follows:
“The 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 relations with others and before the courts. He may delegate this authority to an attorney or agent. He convenes and presides over Board meetings, supervises 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 the 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 use the Agency’s funds to cover administrative expenses and any costs arising from actions required to achieve those functions and objectives. The Chairman may delegate all or part of these powers to the Vice Chairman and may withdraw such delegation.
C. Without prejudice to the above provisions, the Governor shall be responsible for managing and supervising the Agency’s internal operations, directing employees, and overseeing their work. In the event of the Governor’s absence or inability to perform his duties for any reason, the Chairman may issue a decision granting the Deputy Governor all the powers, functions, 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, and their appointment or dismissal shall be issued by a 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 any regulations issued in this regard.
C. Employees in positions of Grade 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 workers 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 two attached texts, 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 Economy shall implement this decree and communicate it to all concerned parties.
Peace.