Saudi Arabia to replace the riyal note with new coin

Cii Radio|Ayesha Ismail|25 May 2018|09 Ramadaan 1439

Saudi Arabia is to replace its one riyal note with a metal equivalent, the Saudi Arabian Monetary Agency (SAMA) announced on Wednesday.

The current paper version will still be accepted for trading until a date is announced for its withdrawal, SAMA said.

The Foundation justified its decision, with positive effects on the level of the economy of the individual and the macro economy.

The organisation said coins are expected to remain in circulation for between 20-25 years while notes last only 12-18 months.

Vending machines in the country will be changed to accept the new coin, SAMA confirmed.

Source – MEMO