Saudi to replace riyal note with new coin

The new Saudi coin which will replace the riyal note [Alkhaleejonline]

Saudi Arabia is to replace its one riyal note with a metal equivalent, the Saudi Arabian Monetary Agency (SAMA) announced on Wednesday.

The current paper version will still be accepted for trading until a date is announced for its withdrawal, SAMA said.

The Foundation justified its decision, with positive effects on the level of the economy of the individual and the macro economy.

The organisation said coins are expected to remain in circulation for between 20-25 years while notes last only 12-18 months.

Vending machines in the country will be changed to accept the new coin, SAMA confirmed.

Read: 785,000 foreigners lost their jobs in Saudi Arabia since 2017

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