Older versions of Saudi currency to be destroyed, says analyst
Saudi financial analyst Hussein al-Rakib revealed that the destruction of previous versions of Saudi currency will be carried out inside Saudi Arabia starting Monday, as soon as they are received by the central bank, according to Okaz newspaper.
Al-Rakib added that the destruction of the previous categories of currency is going to happen without registering serial numbers because of the large quantity of the pieces to be destroyed.
He said that the old currency will disappear from the market in five years.
He added that the new currency will be processed outside the kingdom and likely in Switzerland.
King Salman bin Abdulaziz al-Saud received the new designs of the sixth issue of national banknotes and coins.
Earlier this month, King Salman bin Abdulaziz al-Saud received the new designs of the sixth issue of national banknotes and coins 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.
The Minister of State and Cabinet's Member Dr. Musaed bin Mohammed Al-Aiban and Minister of Culture and Information Dr. Adel bin Zaid Altoraifi, as well as the Minister of Foreign Affairs Adel bin Ahmed Al-Jubeir, were present at the palace during the presentation of the new money to the king.Older Saudi Currency to be Destroyed
Source: https://english.alarabiya.net/en/business/economy/2016/12/25/Older-versions-of-Saudi-currency-to-be-destroyed-says-analyst.html
Old Currency of Saudi Arabia
New Currency of Saudi Arabia
The Saudi Arabian Monetary Agency (SAMA) released on 13th Dec, Tuesday evening new designs of Saudi banknotes and coins, the Saudi Press Agency reported.Older Saudi Currency to be Destroyed
The releasing ceremony was held in the presence of Ibrahim Al-Assaf, minister of state and member of the Cabinet, and SAMA Governor Ahmed Al-Khulaifi.
Speaking on the occasion, Al-Khulaifi said that the newly released coins and banknotes will be available at all branches of SAMA from Dec. 26.
SAMA has introduced SR2 in the form of coins.
The 6th issue of banknotes and coins for the era of Custodian of the Two Holy Mosques King Salman have the motto “Confidence and Security.” The new designs of the banknotes and coins carry the strongest security marks.
The new Saudi Arabian currency notes have added security lines and new features that make forgery difficult.
The 5th issue of Saudi banknotes was released in the era of the late King Abdullah. The SR100 and SR50 denomination notes were released on May 20, 2007, followed by the release of SR10 and SR5 notes on July 16, 2007. The SR500 and SR1 denominations were released on Sept. 16, 2007 and Dec. 30, 2007 respectively.
SAMA has introduced SR2 in the form of coins and also minted coins of SR1.
It said the SR1 denomination will be issued into coins due to the high number of SR1 banknotes in circulation.
“The number of SR1 banknotes constitutes half of the banknotes in circulation. This posed challenges and it was thus decided to gradually replace it with coins,” the monetary agency said.
“Circulating the coins has many positive effects on the Saudi economy because the average coin cycle is between 20 and 25 years while that of paper currency is estimated to be between 12 and 18 months, depending on the circumstances,” the monetary agency added.Older Saudi Currency to be Destroyed
Walid Al-Sayyal, head of the currency department at the monetary agency, said that SR2 denomination has been introduced in a coin form because harmful bacteria affected paper currency which has to be continuously replaced, as they get damaged faster than coins.
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