Saudi Arabia’s Central Bank Just Made A Historic Move

Saudi Arabia has recently overhauled the role of its central bank, for the first time ever, in a move that could mark an acceleration of Crown Prince Mohammed bin Salman’s massive plans to reinvest Saudi oil revenues into diversification projects.  In November 2020, Saudi Arabia’s King Salman bin Abdulaziz Al-Saud approved the new law for the central bank, under which the authority is now changing its name from the Saudi Arabian Monetary Authority to the Saudi Central Bank, and will directly report to the King. “The Saudi…