Article (5) The Board of Directors

(a) The Central Bank shall have a Board of Directors formed of seven members, including a representative of the Ministry of Finance. Members of the Board shall be appointed by a Royal Decree for a renewable term of four years. The Decree appointing the members shall name the Chairman and the Vice chairman of the Board.
(b) The remunerations of the Chairman and the members of the Board shall be determined by a Decree.