Article 7 of the Saudi Central Bank Law
المادة 7 من نظام البنك المركزي السعودي · الفصل الأول: التعريفات وأحكام عامة
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.
Official text (Arabic)
This article has not been amended since the law was issued.
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.
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 7 explained in plain English
This article gives broad immunity to the Central Bank's funds, covering:
- Assets.
- Revenues.
- Property.
The content of this immunity is that it is not permitted to:
- Search them.
- Attach them.
- Seize them.
- Confiscate them.
- Expropriate them.
In addition, they are not subject to bankruptcy procedures in any form.
The practical effect is that someone claiming a financial right against the Bank cannot ask to attach its assets or revenues to satisfy it. But the article does not address the rights of those dealing with the Bank or the ways to claim them; it prevents only specific procedures against its funds.
This article comes after Article 6, which prohibits the Bank from certain acts, including engaging in trade, owning real estate except for its needs or to diversify its foreign investments, financing the government, and lending to persons other than financial institutions for managing liquidity or addressing crises. Together the two articles set what the Bank may not do and what may not be done against its funds. It is followed by Article 8, which regulates the formation of the Bank's board of directors.
Anyone with a financial dispute with the Central Bank should 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 7 of the Saudi Central Bank Law
Can the Saudi Central Bank's funds be attached?
No. The Bank's assets, revenues and property have immunity and may not be searched, attached, seized, confiscated or expropriated.
Can the Central Bank be subject to bankruptcy procedures?
No. The article provides that its assets, revenues and property are not subject to bankruptcy procedures in any form.
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 24
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.
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.
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.