SAMA was established by the issuance of royal decrees number 30/4/1/1046 and 1047 on April 20 1952, and was officially inaugurated on October 4 1952. SAMA's objectives as set out by its charter include the following:
1. to issue and strengthen the Saudi currency and to stabilise its internal and external value;
2. to deal with the banking affairs of the government; and,
3. to regulate commercial banks and exchange dealers.
Over time SAMA has evolved into a full-fledged central bank, with