During its early years,
SAMA's primary task was to implement
currency reforms and banking development. From 1960 to 1972,
SAMA focused on banking regulations against the background of full convertibility of the
Riyal. From 1973 to 1982,
SAMA's preoccupation was to contain inflationary pressures in the booming
economy, oversee Saudi-ization of foreign bank branches and manage the massive foreign exchange reserves. From mid 1980s,
SAMA's priorities have been to introduce financial market reforms with a strong and developed banking system and a secure and efficient payment and settlement network and to assist the
government in managing public debt. Over the years, with the growth of the
economy, expansion of the financial system and increase in fiscal operations of the
government,
SAMA's responsibilities have increased severalfold. Its monetary policy, conducted in co-ordination with the fiscal policy of the
government, has promoted domestic price and exchange rate stability, thereby contributing significantly to the consolidation and development of the Saudi
economy.
