The banks of the Kingdom of Saudi Arabia are engaged in the preparations of the shift from one-riyal notes to one and two-riyal coins. The arrangements are being done by categorizing, counting and then putting the coins within the banks.
The banks were instructed by the Saudi Arabian Monetary Agency (SAMA) through a letter that they must stop dealing with the currency note of one riyal progressively until all the currency notes disappear from all the branches.
SAMA previously revealed a novel design of coins in various values, including the one riyal and the two-riyal coins. The other designs unveiled were of 10-halala, 25-halala and 50-halala values.
During the launching event of the new currency, SAMA informed that procedures are being adapted for handling the coins across all the commercial banks and informed that high-speed checking machines are also installed and that the new released monetary currency would be accepted to provide circulation.
The banks in Saudi Arabia are preparing for the transition to the Riyal coins. The preparations are at various stages and the complete process may take approximately a time frame of six months.
According to SAMA the coin based riyals possess added advantages on the prevailing paper-based currency. The lifespan of coins is between twenty to twenty-five years whereas the lifespan of paper-based currency notes is twelve to eighteen months depending on the conditions of their circulation.
The transition of the currency depicts a brighter future of the economic development noticed in the various eras of the country’s history.
SAMA also added that this step would be directed by the professional global firms.