Saudi Arabia: Saudi Arabian Monetary Agency renamed Saudi Central Bank

Dubai: The Saudi Arabian Monetary Authority will be renamed to Saudi Central Bank under a new law approved by Saudi Arabia's King Salman bin Abdulaziz al-Saud, the central bank said on its website.

The new law identifies the central bank's objectives that include maintaining monetary stability, promoting financial sector stability and supporting economic growth, with direct reporting to the King of Saudi Arabia, a separate central bank statement said.

The Saudi Central Bank will continue to use the acronym "SAMA" due to its historic significance and relevance locally and globally. The banknotes and coins, bearing the name of the Saudi Arabian Monetary Authority, will also remain in circulation and keep their status as legal tender.

Saudi Arabia, the world's biggest oil exporter, pegs its riyal currency to the dollar at 3.75 per one U.S dollar, a rate unchanged since 1986.

The Saudi central bank, like its Gulf neighbours, follows the U.S. Federal Reserve on interest rate moves.