Saudi Arabia to phase out 1riyal notes
Saudi Arabia is phasing out 1riyal notes and replacing them with coins. The country will also have 2 riyal coins. The Saudi Arabian Monetary Agency has told the banks that that they should stop dealing with the one riyal paper currency gradually until all the notes have completely disappeared across all branches. SAMA had earlier unveiled a new design of coins in different denominations, including the one riyal and the new two riyal coins. The other coins are in the 50-halala, 25-halala, 10-halala and one-halala denominations. The process of transition is expected to take 6 months and it would be overseen by specialist global companies.