عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia: $53 Bn Cash in Circulation, $130 Mn in Coins

People walk near a banner with an instruction on personal hygiene, following the outbreak of coronavirus, at a street in Riyadh, Saudi Arabia (File photo: Reuters)
People walk near a banner with an instruction on personal hygiene, following the outbreak of coronavirus, at a street in Riyadh, Saudi Arabia (File photo: Reuters)
TT
TT

Saudi Arabia: $53 Bn Cash in Circulation, $130 Mn in Coins

People walk near a banner with an instruction on personal hygiene, following the outbreak of coronavirus, at a street in Riyadh, Saudi Arabia (File photo: Reuters)
People walk near a banner with an instruction on personal hygiene, following the outbreak of coronavirus, at a street in Riyadh, Saudi Arabia (File photo: Reuters)

The volume of cash circulation in Saudi Arabia reached $53.3 billion, while that of coins traded amounted to about $130 million by the end of January, according to official data.

Saudi Arabian Monetary Authority (SAMA) indicated that it would continue to support the development of the electronic payment system to reduce dependence on cash and steadily develop the infrastructure for national payment systems.

SAMA has recently begun isolating all Saudi currencies incoming to all its branches from outside the Kingdom through banks and money transfer companies, as a preventive and precautionary measure against the coronavirus.

The Authority announced that as of April all personal services activities would be paid electronically.

The existing Saudi monetary policy aims to reduce the use of cash and replace it with electronic transactions. The index of cash trading outside the banks recorded a decline of about one percent in January, compared to last December.

When it comes to transmitting and spreading viruses, SAMA said that banknotes, coins, and other means of payments are similar to the daily elements handled, such as vehicle handles, or groceries, and public surfaces.

Last week, SAMA issued a series of measures and guidelines for banks and financial institutions in response to the coronavirus pandemic.

Based on guidelines issued by the Ministry of Health, SAMA officials have instructed banks to check the temperatures of customers entering their premises, provide sanitizers, and equip staff with necessary safety products.

Most Viewed

 
 
Business

Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
TT
TT

Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.