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Saudi Arabia Unveils New Version of Currency | ASHARQ AL-AWSAT English Archive 2005 -2017
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King Salman bin Abdulaziz Al Saud chairing a cabinet session. SPA

Riyadh- The new version of the Saudi currency will be unveiled today for the public at a ceremony, said the Saudi Arabian Monetary Authority.

SAMA will officially launch the sixth issue of the banknotes and coins of the Saudi riyal on Tuesday, bearing the motto “Confidence and Security,” to mark the successful era of King Salman.

The first number of all categories of the new banknotes and coins were delivered to King Salman on Monday at al-Yamamah Palace.

The money was delivered to the king by the Minister of Finance Mohammed bin Abdullah al-Jadaan, governor of the Saudi Arabian Monetary Agency (SAMA) Dr. Ahmed bin Abdul-Karim Al-Khulaifi and SAMA Deputy Governor Abdulaziz bin Saleh Al-Freeh.

Crown Prince Mohammed bin Nayef received the second set of all categories of the sixth issue and a copy of all categories of coins. They were delivered by the same team led by al-Jadaan.

Deputy Crown Prince Mohammed bin Salman received the third set of all categories of the sixth issue and a copy of all categories of coins.

The new notes will be harder to forge and there is some speculation about the size, color and design.

The first Saudi currency was launched in 1935 with the silver riyal, half riyal and quarter riyal.

On the other hand, the Saudi Cabinet Monday licensed the Bank of Tokyo-Mitsubishi— Japan’s largest bank and the eighth largest in the world —to open a branch in the Kingdom of Saudi Arabia.

The Cabinet authorized the Minister of Finance to decide on any subsequent request to open other branches of the bank in the Kingdom.

The Saudi Arabian Monetary Authority (SAMA) will coordinate with the Japanese bank to complete the necessary procedures.