Article 26 of the Saudi Central Bank Law

This article is a replacement and repeal article, and it provides two things:

1. Replacement: the Saudi Central Bank Law replaces the Saudi Arabian Monetary Agency Law issued by Royal Decree No. 23 dated 23/5/1377 AH.
2. Repeal: the Law repeals any provisions that conflict with it.

Replacement means the old law is no longer the reference for regulating the Bank; this Law has taken its place. The repeal in the second item is limited by conflict; it does not repeal every earlier provision relating to the Bank, only what conflicts with the Law.

The article does not address the fate of regulations or decisions issued under the old law except through the conflict rule, and it states no other transitional provisions.

In practical terms, a reference to the "Saudi Arabian Monetary Agency" in earlier documents concerns the body the old law regulated, and the current reference is the Saudi Central Bank Law, whose Article 1 defines "the Bank" as the Saudi Central Bank.

It is preceded by Article 25, which regulates the annual report the Bank submits to the King. It is followed by Article 27, which provides that the Law takes effect 90 days after its publication in the Official Gazette.