Saudi Central Bank consults on draft banking law

Law’s goals include “enhancing banking secrecy” and improving depositor protection

Exterior of the Saudi Arabian Monetary Authority
Saudi Central Bank
Image: Light Touch Studio

The Saudi Central Bank (Sama) opened a public consultation today (January 26) for a draft banking law aimed at modernising the country’s financial sector.

Sama said in a statement that the law was an effort to “keep abreast of the latest developments in the banking sector”. Mohammed bin Salman, Saudi Arabia’s ruler, has pursued a series of economic reforms, together with repression of domestic and foreign opponents.

The central bank said it had drafted the law using “ongoing internal

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