Saudi Arabia set to issue new riyal notes with the latest security features

Meetings are currently being held at SAMA in order to make necessary arrangements for the introduction of the new currency. There is a plan to hold an awareness campaign to educate the public on the security features of the notes. The new notes, with a portrait of the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz, will be put into circulation by the middle of next month, according to Finance Minister Dr. Ibrahim Al Assaf.

"The introduction of the new currency will be carried out in a gradual manner," he added. The notes will be available in six denominations — SR1, SR5, SR10, SR50 and SR100 notes all carrying a portrait of King Abdullah while the SR500 note will continue to have the portrait of King Abdul Aziz, the Kingdom's founder. No new notes will be issued in the denominations of SR20 and SR200 as the existing notes were issued about nine years ago when the Kingdom marked its centenary. The two notes carry a logo of the centenary as well as Islamic and historic monuments.

"The circulation of the notes will be carried out in coordination with the ministry of finance and other government departments," one source said. The launch of the new notes will not affect the Saudi riyal notes currently available in the market and their validity will continue until they are fully withdrawn.

SAMA usually withdraws old notes whenever new ones are issued. The source did not say whether the agency would issue new coins. "But we are ready to issue them whenever we receive instructions," he said. The Council of Ministers approved the issue of new currency with King Abdullah's portrait last year. At that time, SAMA chief Hamad Al Sayari said his organisation would issue the new currency in the second quarter of the Hijrah year 1428.

"Dealings with all existing currencies currently circulated in the market will continue and their values will not be affected," said Al Sayari. He added that the new currency would highlight the cultural development achieved by the Kingdom.