Saudi Arabia's new currency is a tribute to King Salman

Published December 13th, 2016 - 09:00 GMT
The new banknotes will be more secure to reduce forgeries. (File photo)
The new banknotes will be more secure to reduce forgeries. (File photo)

Custodian of the Two Holy Mosques King Salman received the first number of all categories of the new banknotes and coins here at Al-Yamamah Palace on Monday.

The new series of the currency, which marks the era of King Salman, was delivered to the king by Finance Minister Mohammed Al-Jadaan, Saudi Arabian Monetary Authority (SAMA) Gov. Ahmed Alkholifey and SAMA Deputy Gov. Abdulaziz Al-Freih.

SAMA will officially launch the sixth issue of the banknotes and coins of the Saudi riyal on Tuesday, bearing the motto “Confidence and Security,” to mark the successful era of King Salman.

“SAMA is pleased to announce that it will reveal the designs of the sixth issue of national banknotes and coins for the era of King Salman on Tuesday,” said a SAMA statement on Monday.

Crown Prince Mohammed bin Naif received the second set of all categories of the sixth issue and a copy of all categories of coins. They were delivered by the same team led by Al-Jadaan.

Deputy Crown Prince Mohammed bin Salman received the third set of all categories of the sixth issue and a copy of all categories of coins.

The new currency will be launched for the public at a ceremony on Tuesday. The new banknotes will be more secure to reduce forgeries.

The issuance of the new bills and coins is important as they carry the strongest security.

Syed Ahmed Ziauddin, a senior banker, who heads the financial institutions and public sector group at Bank Al-Jazirah, told Arab News:

“It is very good news; we need new currency notes and coins to mark the era of the new king. This is a cash-based society.” Ibrahim Al-Qayid, a Saudi businessman, welcomed the move, saying he is “happy to know that SAMA will soon put in circulation new bank notes with enlarged identification features.”

Al-Qayid, however, said he has no idea about the size, color, front or rear of the new bills. “I will be more than happy to see the photo of the king on the new currency —banknotes as well as on coins,” said Al-Qayid.

He said his elders still recall the interesting history and the evolution of Saudi currency.

The first Saudi currency, bearing the new name of the country, appeared in 1935, when the silver riyal, the half riyal and the quarter riyal, were put in circulation. Some of these old currencies are today preserved in SAMA’s museum.


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