Saudi Ara­bia to phase out 1riyal notes

Banking Frontiers - - News Banking In The Gulf -

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.

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