Saudi Arabian Monetary Authority (SAMA) on Tuesday issued sixth edition banknotes and coins, it announced.
The new banknotes are the same size as the old notes, so will continue to work with existing sticks in Saudi banks and in ATMs.
However, the new notes incorporate security print features that make them less prone to forgery, SAMA said in a statement on its website.
The sixth issue has been released under the motto, “Confidence and security.”
Ahmed Ziauddin, a senior executive at Saudi’s Bank Al Jazirah, told Arab News:
The vibrant colours and improved quality will result in better and more accurate handling and less soiling on the new banknotes.
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.