Saudi Arabian Monetary Agency (SAMA)
What is the Saudi Arabian Monetary Agency (SAMA)?
The Saudi Arabian Monetary Agency (SAMA) is the central bank of Saudi Arabia. Established in 1952, SAMA is responsible for managing the country's monetary policy, regulating the banking system, and maintaining the stability of the Saudi Riyal (SAR), the national currency of Saudi Arabia.
Functions of SAMA
SAMA performs several key functions, including:
Monetary Policy
SAMA sets the monetary policy of Saudi Arabia, aiming to maintain low and stable inflation, promote economic growth, and maintain financial stability.
Banking Regulation
SAMA regulates and supervises the banking system in Saudi Arabia, ensuring the stability and soundness of banks operating in the country.
Currency Management
SAMA is responsible for managing the Saudi Riyal, including issuing and distributing currency, maintaining foreign exchange reserves, and regulating the foreign exchange market.
Supervision of Financial Institutions
SAMA supervises and regulates financial institutions, including banks, investment companies, and financing companies, to ensure their stability and soundness.
Exchange Rate: 1 SAR to IDR
As of the current exchange rate, 1 Saudi Riyal (SAR) is approximately equal to:
- 4,432.50 Indonesian Rupiah (IDR)
Please note that exchange rates may fluctuate frequently, and this rate may not be up-to-date. For the most current exchange rate, please check with a reliable currency exchange service or website.
Conclusion
In conclusion, the Saudi Arabian Monetary Agency (SAMA) plays a vital role in maintaining the stability and growth of the Saudi Arabian economy. As the central bank of Saudi Arabia, SAMA is responsible for regulating the banking system, managing the national currency, and promoting economic development.
