Saudi Central Bank Fines 16 Banks

May.20 — Saudi Arabia’s central bank fined 16 financial institutions, including the kingdom’s largest banks, for violating "responsible finance principles." Filipe Pacheco reports on "Bloomberg Daybreak: Middle East."

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Saudi Arabia’s central bank fined 16 financial institutions, including the kingdom’s largest banks, for violating "responsible finance principles" https:// bloom.bg/2VO1HX5 . 6:11 AM – 19 May 2019. 57 retweets 99 Likes 2 replies 57 retweets 99 likes.

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May.20 — Saudi Arabia’s central bank fined 16 financial institutions, including the kingdom’s largest banks, for violating "responsible finance principles." Filipe Pacheco reports on "Bloomberg Daybreak: Middle East."

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The saudi arabian monetary authority (Sama) has taken the rare step of imposing fines on 16 commercial lenders, it announced on May 19. But the Saudi central bank did not say how much it had fined the banks and gave very little information on why it had acted.

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SAMA’s Functions. Saudi Arabian monetary authority (sama), the central bank of the Kingdom of Saudi Arabia, was established in 1372H (1952). It has been entrusted with performing many functions pursuant to several laws and regulations. The most important functions are the following: To deal with the banking affairs of the Government;

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