Article 24 of the Saudi Central Bank Law
المادة 24 من نظام البنك المركزي السعودي · الفصل السادس: أحكام ختامية
The article prohibits interfering in any way in the running of the Central Bank's business, touching its policies, imposing oversight on it, or auditing its accounts or the contracts and agreements it concludes.
Official text (Arabic)
This article has not been amended since the law was issued.
لا يجوز التدخل بأي صورة في تسيير أعمال البنك أو التعرض لسياساته أو فرض الرقابة عليه أو تدقيق حساباته أو على ما يبرمه من عقود أو اتفاقيات.
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 24 explained in plain English
This article protects the independence of the Central Bank in its work, so it is not permitted, in any way, to:
- Interfere in the running of its business.
- Touch its policies.
- Impose oversight on it.
- Audit its accounts.
- Audit the contracts or agreements it concludes.
The phrase "in any way" makes the prohibition broad. The article does not name the bodies the prohibition is addressed to; it is worded in general terms.
In return, the following Article 25 provides that the Bank submits to the King a report covering the latest financial and economic developments in the Kingdom and the report of the Bank's external auditors for the past fiscal year, gives the Minister of Finance a copy, and a copy of the report is published at an appropriate time and by appropriate means.
It is preceded by Article 23, which prohibits Board members, employees, external auditors and agents from disclosing any information about the affairs of the Bank or financial institutions during work and after. Together the two articles protect the Bank's work: the first from the leaking of its information, and the second from outside interference in its business and policies.
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 24 of the Saudi Central Bank Law
May any body interfere in the policies of the Saudi Central Bank?
No. The article provides that no one may interfere in any way in the running of the Bank's business or touch its policies.
Are the Central Bank's contracts subject to outside audit?
The article prohibits imposing oversight on the Bank or auditing its accounts or the contracts or agreements it concludes.
Does this mean the Central Bank's accounts are not reviewed?
No. Article 25 mentions the report of the Bank's external auditors as part of the report submitted to the King.
More articles on Activities Prohibited to the Bank and Immunity of Its Assets
- Article 6
The article prohibits the Central Bank from trading, owning real estate except for its needs or to diversify foreign investments, financing the government, and lending to anyone except financial institutions on conditions.
لا يجوز للبنك القيام بأي من الأعمال الآتية: 1- الاشتغال بالتجارة أو المساهمة في الأعمال التجارية أو أن يكون له مصلحة في أي مشروع تجاري أو صناعي أو زراعي، عدا ما
- Article 7
The Central Bank's assets, revenues and property have immunity: they may not be searched, attached, seized, confiscated or expropriated, and are not subject to bankruptcy procedures.
تتمتع أصول البنك وإيراداته وممتلكاته بالحصانة، ولا يجوز تفتيشها أو حجزها أو الاستيلاء عليها أو مصادرتها أو نزع ملكيتها، ولا تخضع لإجراءات الإفلاس بأي شكل كان.
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.