Article 4 of the Saudi Central Bank Law

This article is the list of the Saudi Central Bank's tasks. It begins with a general framework: the Bank performs its tasks in accordance with the provisions of the Law, the regulations and policies the Board issues, and the best international standards and practices, and it has all the powers needed to achieve its objectives. It then lists 18 tasks, which can be grouped as follows:

• Currency: issuing and regulating currency, including minting, printing, issuing, putting into circulation, withdrawing, canceling and protecting the national currency, in a way that does not conflict with the Saudi Arabian Monetary Law; setting and managing monetary policy and regulating the foreign exchange market; and managing and investing foreign currency reserves.
• Supervising financial institutions: overseeing and supervising them under the relevant laws, issuing regulations and instructions concerning them, setting professional tests and requirements, and prudential policies.
• Infrastructure: setting up and operating payment, settlement and clearing systems and fintech platforms, and issuing rules, licenses and oversight for them within its jurisdiction.
• Public protection: setting the instructions and procedures that ensure protection of the customers of financial institutions, and taking measures to reduce crimes connected with financial institutions.
• Government: acting as the government's bank and its adviser on monetary, banking and financial matters.
• Crises: taking measures to help address local, regional and global economic and financial disruptions and crises.
• Other: international representation, cooperation with other central banks, research and statistics, establishing subsidiary companies, proposing draft financial laws and being consulted on those affecting monetary or financial stability, and defining and interpreting the terms of the Law.

These tasks serve the Bank's objectives in Article 3: monetary stability, the stability of the financial sector and confidence in it, and supporting economic growth. It is followed by Article 5, which allows the Bank to charge a fee for licenses, approvals, services and the cost of supervision under controls the Board approves.

Anyone who wants to launch a fintech or payments activity, or who has a complaint as a customer of a financial institution, should consult a lawyer who specializes in banking and finance.