Sheila Al-Rowaily, a former finance executive at a Saudi Aramco subsidiary, has become the first woman to be appointed to the board of the Saudi Central Bank, report agencies.
Her appointment comes after a royal decree issued by Saudi Arabia's King Salman.
Ms Al-Rowaily is among a growing number of women taking on senior leadership roles in the kingdom and across the Gulf region.
She was the chief executive officer of Wisayah Investment Co., a firm that invests Saudi Aramco pension funds. She is also a board member of Saudi Aramco Power Co. and Hassana Investment Co.
The appointment comes as the Kingdom eases many of the restrictions imposed on women. Saudi Arabia's Vision 2030 has emphasised women's empowerment and encouraged their entry into the workforce.
Other Saudi women in positions of power include Sarah Al-Suhaimi is chair of Tadawul, the Saudi stock exchange and Lubna Olayan, who is the chairperson of the Saudi British Bank.