Article 17 of the Saudi Central Bank Law

This article sets the principle of the Central Bank's sole control of monetary policy. The Bank is the sole responsible party for:

• Setting monetary policy.
• Implementing it.
• Choosing its instruments.
• Choosing its operating procedures.

The word "sole" is the heart of the article; it means no one else shares this responsibility, whether in setting the policy, implementing it or choosing the instruments.

The article does not list the instruments of monetary policy or set its objectives; it states who holds this jurisdiction and leaves the choice of instruments and procedures to the Bank.

This article comes after Article 16, which requires Board members and Bank employees to disclose conflicting interests and bars them from taking part in the related decision. It is followed by Article 18, which regulates the Bank's external auditor and provides that the auditor's work is limited to auditing the Bank's accounts and financial statements, and he may not interfere in any way in the running of the Bank's business or touch its policies; this is consistent with the Bank's sole control of its monetary policy.

Article 1 defines "the Bank" as the Saudi Central Bank, so it is the Bank that is meant by this jurisdiction, not commercial banks.