Article 75 of the Saudi Basic Law of Governance
المادة 75 من النظام الأساسي للحكم · الباب السابع: الشئون المالية
The Article provides that the laws set out the rules on currency, banks, standards, measures and weights.
Official text (Arabic)
This article has not been amended since the law was issued.
تبين الأنظمة أحكام النقد ، والمصارف ، والمقاييس ، والمكاييل ، والموازين .
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 75 explained in plain English
This Article refers the regulation of a number of important fields of economic life to the laws, and these fields are:
- Currency;
- Banks;
- Standards;
- Measures;
- Weights.
The meaning of the Article is that the rules on these fields are not left to custom or private agreement but are set out by the laws. The Article itself does not contain detailed rules on currency, the work of banks or units of measurement, and does not name the laws that regulate them, but provides that these matters are the domain of the laws.
Related Articles are Article 74, which provides that State property may not be sold, leased or disposed of except under the law, and Article 76, which provides that the law sets the State's fiscal year and that the budget is issued by royal decree.
The importance of this Article to the reader is that a person who deals with banks or carries on an activity that depends on weighing and measuring, such as trade, finds the rules on that in the laws specific to them. Anyone with a question about a particular banking dealing may consult a lawyer who specializes in banking and finance.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 75 of the Saudi Basic Law of Governance
Who sets the rules for banks in Saudi Arabia?
Article 75 provides that the laws set out the rules on currency and banks.
Does the Article contain detailed rules on standards and weights?
No. The Article refers the rules on standards, measures and weights to the laws.
More articles on State Budget and Financial Oversight
- Article 72
The Article refers to the law the rules on State revenues and their delivery to the general State treasury, and requires revenues to be recorded and spent according to the procedures set by law.
أ - يبين النظام أحكام إيرادات الدولة ، وتسليمها إلى الخزانة العامة للدولة. ب - يجري قيد الإيرادات وصرفها بموجب الأصول المقررة نظاما.
- Article 73
The Article prohibits undertaking any payment from the general treasury except under the budget, and if its items do not accommodate it, it must be by royal decree.
لا يجوز الالتزام بدفع مال من الخزانة العامة إلا بمقتضى أحكام الميزانية ، فإن لم تتسع له بنود الميزانية وجب أن يكون بموجب مرسوم ملكي .
- Article 74
The Article prohibits selling, leasing or otherwise disposing of State property except under the law.
لا يجوز بيع أموال الدولة ، أو إيجارها، أو التصرف فيها، إلا بموجب النظام .
- Article 76
The Article regulates the issuance of the general budget by royal decree at least one month before the fiscal year begins, and following the previous year's budget if it is delayed for compelling reasons.
يحدد النظام السنة المالية للدولة، وتصدر الميزانية بموجب مرسوم ملكي ، وتشتمل على تقدير الإيرادات والمصروفات لتلك السنة، وذلك قبل بدء السنة المالية بشهر على الأقل
- Article 77
The Article provides that the competent body prepares the State's final accounts for the past fiscal year and submits them to the head of the Council of Ministers.
تعد الجهة المختصة الحساب الختامي للدولة عن العام المالي المنقضي، وترفعه إلى رئيس مجلس الوزراء .
- Article 78
The Article makes the budgets of bodies with public legal personality and their final accounts subject to the same provisions that apply to the State's budget and final accounts.
يجري على ميزانيات الأجهزة ذوات الشخصية المعنوية العامة ، وحساباتها الختامية، ما يجري على ميزانية الدولة وحسابها الختامي من أحكام.
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.