The Saudi Arabian Monetary Authority (SAMA) will start withdrawing SR1 banknotes from the market from Thursday, SAMA has said.
In a statement, SAMA announced issuing its sixth edition, which was developed during the reign of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz with great attention and diligence, using in-depth and detailed studies on world-renowned modern techniques for manufacturing coins.
SAMA adhered to prime technical standards and designs that ensure popularity among traders.
The one-riyal coin has a portrait of King Salman in silver in the center. On the right side, the name and title of the King (Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud) are engraved in a golden frame, and on the left there is a plant motif encompassing the Kingdom’s national emblem.
According to plan, SAMA assured that paper currencies will still be traded alongside the new coins until all one riyal notes are gradually phased out across banks.
The SR1 banknotes will eventually be replaced with one-riyal coins.
In December 2016, SAMA unveiled the sixth issue of Saudi currency, including the new one-riyal and two-riyal coins, in addition to coins introduced as 50 halalah, 25 halalah, 10 halalah, 5 halalah and one halalah.
The currency will be used in the future in a number of services and machines, much like developed countries, which despite the development of monetary and financial systems, they still use currency widely, and the presence of the riyal or the main currency as a piece of metal is the usual practice in a lots of countries worldwide.
SAMA affirmed that all six categories of the currency issued are currently available at SAMA branches and banks operating in the Kingdom. If they are not easily obtained by the banks, a complaint can be made to the Customer Protection Department through SamaCares.com or by calling toll free 8001256666.