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)
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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.



FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.