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Saudi Arabia to Issue New Release of its Currency - ASHARQ AL-AWSAT English
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Saudi Arabia to Issue New Release of its Currency

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Riyadh – Saudi Arabia will officially reveal next Tuesday the sixth release of its banknotes and coins for the era of King Salman bin Abdulaziz, Custodian of the Two Holy Mosques amid definite information saying that the metal Riyal will replace the paper one.

In this concern, a senior Official in the Saudi Arabian Monetary Authority (SAMA) said that the release of the new currency will be revealed during a ceremony set to be held on Tuesday to announce new designs and assured that the new release will be more secure after the Kingdom succeeded in reducing forgery operations.

The sixth issuance of the banknotes and coins in Saudi Arabia represents a distinction on the technical level as it will carry the strongest security marks amid affirmations that the monetary authority does not intend to issue the SAR1000 note.

In this regard, the finance and economy Expert Suleiman Assaf told Asharq Al-Awsat that enhancing the banknotes’ security levels will protect the economy from forgery threats – he added that the Kingdom has had leading experiences in combating currency forgeries and that SAMA is expected to maintain the promotion of security levels while issuing the sixth release on the metal and paper Saudi Arabian currency.

Assaf noted that the new Saudi Arabian currency has added security lines and new features that complicate the forgery process, he added that any banknotes which are not deposited in Saudi Arabian banks and accumulated due to money laundering and forgery operations will be revealed after the completion of banknotes replacement; considering the work mechanisms in banks and people’s interests, the Kingdom has set a period of one whole year to finish the replacement duration.

These developments came after SAMA’s statements – three weeks ago – confirming that Saudi Arabian investments in the United States will never be affected by the endorsement of JASTA because they enjoy a sovereign impunity.

During a press conference, Dr. Ahmed al-Kholifey, governor of Saudi Arabian Monetary Agency (SAMA) said that the Saudi Arabian economy has grown by 1.5% during the first half of 2016, according to the General Authority for Statistics compared to 4.1% during the second half of 2015.

Kholifey pointed that according to the latest review of the statistic authority in September, inflation rate has dropped to 3% since the beginning of the year. He stated that Saudi Arabia has discussed permissions for foreign banks to open additional branches in Saudi cities to bring more benefits to the banking sector and the whole economy.

It is worth noting that during this week, SAMA issued a number of special recommendations to regulate procedures of binding documents in insurance companies. The authority said this regulation is part of its responsibility in protecting profiteers of insurance services, maintaining stability of the sector, easing procedures of vehicles’ insurance, and providing beneficiaries with their indemnities in short notices.

The Saudi Arabian Monetary Authority noted it previously issued a circular that compel insurance companies to pay all the requirements of binding insurance on vehicles for people and to refund the rest of installment in case of policy’s suspension; the authority also called clients who face unresponsiveness from insurance companies to submit complaints on SAMA’s electronic website.

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